Khủng hoảng kinh tế thế giới và bài học cho Việt Nam

Abstract

The financial crisis happened recently in the US is unprecedented in term of destructive force and deep impacts on the Global system, financially and economically. This paper attempts to set light on the roots of the crisis and emphasizes on a need to monitor the financial system against the risk of instability and false expectations or bubbles due to inadequate regulations and regulatory structures. The policy implication is that we cannot have a well-performing modern economy without a good financial system, which is regulated by a well-designed monitoring mechanism and transparency. The study includes four main parts: firstly, part 1 reviews some schools of thought of financial crisis; part 2 outlines main events leading to the financial crisis in the US, dated back to the end of the presidency of Clinton; part 3 provides an analytical view to rethink the chain of events leading to the crisis; finally, the recent financial crisis hence provides a lesson on deregulation process in emerging economies. In particular, it emphasizes on the need to build a good financial system and good institutions, good rules for a well-performing economy. It is not simply to tear down the old institutions, such as soft-budget constraint, that are preventing innovation anddevelopment.Obviously, this lesson can well apply for Vietnam.