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The impact of the crisis from the European economic area to investment activities and financial markets in Asia European debt crisis has started like? Why Asia should pay attention to this crisis of European areas ? European debt crisis like that would affect markets t one main ? Why the Interest of bonds increased in response to this crisis and this desire not mean anything? Will European confidence crisis spreading to Asia not ? You think: "East Asian dollar may not be the right choice" ? The impact of the European economic crisis degrade not only negatively impact the U.S economy and the Asian economy as well as the world No place is immune to a "flat world", an open world economy today Having suffered from difficult economic crisis from Europe, the decline in China, India and the United States, the world's 3rd largest economy Japan is facing the risk of recession after the economy decreased by 3.5% in quarter 3/2012, the biggest decline since the earthquake and tsunami in March / 2011 If you continue to decline in the quarter 4/2012, the Japanese economy will officially recession n ê n the European economy and in the economy, this is inevitable when Europe and China is a major trading partner of Japan "Based on the economic data, there is the real possibility that the Japanese economy is in recession," If the European economy crisis back this will be the 3rd recession in Japan since 2008 "Do not have anywhere to avoid the economic recession in Europe and in many other developed economies, and the uncertainty about" fiscal brink, "the United States will continue to spread to Asia Trang Can be said that most of the countries have public debt, more or less, temporary or chronic Public debt plays an important role in development, but will become a victim of the start of the damage to the economy It can lead to inflation, making countries unable to pay and investors lost confidence More than ever, during the financial crisis, public debt is a burning issue in many countries Not only the poor, developing countries where even the U.S and some developed countries in the European Community have also encountered this problem Recognizing this is a big topic, extensive and technical in nature, from the reference literature and collectibles magazines and the internet, I the project "The impact of the general economic crisis from area Europe to investment activities and the Asian financial markets " U parent debt crisis Europe has started like? Is derived from the Greek crisis: The Greek government made a mistake in the management and dishonest notification economic data for many years Loss of belief makes Greece crisis more difficult Any decision of the Greek government to solve budget problems are skeptical, therefore more difficult to solve the crisis outside the Greek capital fled, about 30% of the activities of the country's economy with fraud, 90 percent of high-income declaration took less than 30,000 Euro / year in order to avoid paying taxes Greece has only 15,000 people declared income above 100,000 euros / year Greek Finance Minister Papaconstantinou said no one can believe in Greece only 15 000 people with incomes over 100 000 Euro / year In addition, the Greek government considered the area of the protection factor is not the driving force of the economy an issue related to the financial of the Greek Church, one of the largest land owners this country, did not have to pay a tax Although the social democrats have asked the Church to pay taxes like everyone else, but so far have not seen any measures be introduced Trang The government revenue is not enough to cover: economic analysts have said that the debt crisis in Europe is due to spending by the government is too big, even for that, the government has no responsibility when spending decisions are too big for the economy and economic growth of the country The big spending has created budget deficits and the public debt crisis (Higher salaries for politicians and civil servants, social security systems and labor, early retirement) T problems in financial institutions and economic governance in Europe: the European Central Bank (ECB) also reacts slowly with the economy in crisis Besides, economist Joseph Stiglitz, who won the Nobel Prize in economics in 2001 said that the measure of the current government focus on reducing the budget deficit should be here also cause increased risk Pressure of tycoon groups: speculators, large financial institutions and the economic center of economic power to persuade the government institutional adjustment, not only the application of measures of institutional reform Governments have to spend several billion euros to support the banks and for programs to support economic activity in order to save the banks and the economy is not broken this debt inevitably increase Meanwhile, private banks receive interest absorbed, about 1%, from the central bank with the purpose of providing financing for private enterprises and development of production but use the money to purchase of government debt at an interest rate of 4% or 5% Trang Problem neoliberal economic policies: Many economic studies that the current crisis is due to liberal economic policies caused Therefore, countries want to get rid of the need to abandon neoliberal economic policies and move to Keynesian economic policy, policy stimulus Speculative financial activities: Currently in Greece, Portugal and Spain are faced with very high financial speculation The next victim could be Iceland and Italy The purpose of speculation is increasing government bond interest rates highest may shy profit Greek Prime Minister Papandreu published report said the country's public deficit in 2009 three times more than the government had previously announced and reached 12.7% of GDP, public debt will be more than 120% of GDP in 2010 and 135% of GDP in 2011 Only in 2009 the public debt of Greece to Euro 80 billion foreign debt to 125% of GDP There are many causes of the debt crisis in Europe is the expert pointed out For each country, it is the ability to poor governance, lack of reasonable expenses, or loss of control of the lending activities of the banking system With the region, it is a habit "to spend more revenue" prolonged and social welfare systems more and more bloated To cope the world financial crisis in 2008, European easily borrow too much, is not compatible economic growth and thus push the budget deficit and public debt soared, exceeding ability to control I m back, the debt crisis of the European countries stems from many causes, both inside and outside Plot and intentions of the Chinese tycoons continue to put pressure on the financial markets to speculative profit in the short term 750 billion euro bailout package works in the short term, but in the medium term, the potential risk is still high, there is still doubt about the debt and financial instability This situation may affect the European economy, but also may cause effects on the world Why Asia should pay attention to the crisis of the European area Because c estimated financial banking crisis is getting worse in Europe, with the U.S economic recovery will be slow pressure factor for the development prospects of Asia Trang Asia made a lot of trade with Europe European Union (a group of 27 countries that use the euro area) is the largest economy in the world, accounting for 27% of global GDP Meanwhile, the United States is 23% of global GDP Asia (excluding Japan and Australia, but including China and India) accounted for 18% of the GDP of the world economy Asian exports to reach $ 541 billion by the European Union in 2010 Europe accounted for 16% of direct exports of Asia prior to the transaction intra-Asian trade that ultimately supply the needs of European countries (eg South Korea exported the ingredients to Thailand and then exported to Europe) As such in Asia's capital account, it is easy to see that the European common currency area is an important investor in Asia in recent years - both in terms of financial assets and investment directly The events of the euro crisis, investors tie n euro area interest capital in the form of liquid assets, the euro, and take profits wherever possible, all three factors shows return to the Asian financial markets European debt crisis affected how the financial markets? Ability to spread makes the European debt crisis nh u an important focal point for the world's financial markets during the period 2010 - 2012 With the market volatility in 2008 and 2009 is quite recent in memory, reaction of investors with bad news from Europe happened quickly sell anything dangerous, and buy government bonds the largest in the country and the best financing Typically, European bank shares and the overall European market-evolutions worse ng out compared to their global counterparts during the crisis center The bond markets of countries affected also performs poorly, because of increase in interest rates means that the price is reduced At the same time, the U.S government bond yields fell to a record low in the history of the reflection of the investor "flight to safety" The last months of 2011, the debt crisis in Europe in the period of danger, spreading from the periphery to the center economy euro area Euro (Eurozone) The massive bailout of the European Union (EU) and International Monetary Fund (IMF) for the economy mired in debt, such as Greece, Ireland, Portugal is not enough to quell the risk debt crisis spread to the core economies of the euro zone, including France, I-ta-li-a and Spain Common problem is the tension between the pressure to reduce the budget deficit with austerity measures is not resolved pull down the government in five countries, including Ireland, Portugal, Greece, I- Trang Italy and Spain After ten years in circulation, at the same Euro which is considered the most defining symbol of European integration patterns were brought to dissect, even criticism Union single currency in Europe the verge of bankruptcy, causing many people have discussed the breakup of the Eurozone scenarios with effects large enough to cause chaos in the financial markets The crisis laid bare the deep divisions in the EU, after nearly 20 years of the EU treaty was signed and the premise is formed block euros later Pressure on demand unified common fiscal policy that France and Germany would like to amend the Treaty Li-xbon, which must go through the process of drafting and through nearly a decade Some Member States blamed the weak capacity of some government drag the whole region into a spiral of crisis, to share the risk and accept the damage caused by his error Poor countries in the east also have contributed to the relief fund richer countries in the west in debt To protect the national interest, I was standing outside the joint efforts of the block Whether through "financial agreements" to temporarily reverse the risk of collapse of the Euro, but the first EU Summit in December still miss the "last chance" to radically reform a "European European unification " Why bond yields rose in response to this crisis and this desire not mean anything? The reason for rising bond yields is very simple: if investors see risk associated with investing in bonds of a country, they would demand higher returns to compensate for the risk it This starts a vicious cycle, which requires a higher interest rate equivalent to higher borrowing costs for countries in crisis, leading to further financial stress, causing investors to require interest even higher, and continue so A general loss of confidence investors often cause effects not only for the country in question but also other countries have similar weak financial base an effect known as "spread" Will European confidence crisis spreading to Asia? Analysts credit of Standara & Poor, Elena Okorotchenko said, "The main channel of the spread is higher funding costs That said, we not expect the same degree of reduction for the financing conditions for Asian countries " Trang "In some Asian countries with relatively high debt burden, Japan, India, and Taiwan mainly domestic lending and not have to endure the changes in the psychology of investors as the borrower outside " According to economic experts, the crisis spread belief in the market decline from the scope of an economy and has spread to other economies through commercial activities connected, the similarity of economic economic or financial links Speaking at a forum in Singapore, IMF Deputy Managing Director Naoyuki Shinohara stressed the dangerous developments in Europe are now able to disrupt global trade, Asian influence by sub region is heavily on external demand Specifically, in the field of finance and credit troubles could spread to Asia through the channels of financing, the debt crisis in some euro zone countries may cause effects "domino" to continent In addition, although Asia is attracting a lot of investment (due to the growth outlook, low interest rates, etc.), but some of the major economies in the region face the risk of overheating, should have reasonable policies On the other hand, riskaverse sentiment may cause capital inflows into Asia to quickly change direction Shinohara said that Asian governments should be cautious before the potential risks from the debt crisis in Europe and ready to act when needed He claimed that due to Asian economic growth so strong that these policy choices made in this area a very large impact on the global economy Do you think: "East Asian dollar may not be the right choice" Asian common currency issue has been mentioned quite a lot in the international and regional conferences, since the 1997-1998 currency crisis According to the Hanoi Plan of Action (12/1998) and the ASEAN +3 Summit in Trang Manila (11/1999), and ASEAN +3 Chiang Mai (Thailand - May / 2000) The idea of forming a common currency in Asia (AS) is a very positive trend in regional integration, on the one hand to promote socio-economic development, increased competitiveness, on the other hand will help the country Asian restrict too much reliance on the dollar and avoid fluctuations in the international currency market But the greatest difficulty for the launch of AS is a big difference between the core member and of preparing for aszone process of achieving unity in difference is too large Because of the diversity of economic, cultural, political, between the Asian countries also form many different levels of economic development in the region to make up the gap in the level of development of the country The difference in the level of economic development led to the determination of the difference between the interests and priorities of cooperation Gap also create disadvantages for the less developed countries in the international division of labor, due to the large country has more advantages in capital, technology and competitiveness To date, the publication using ACU (2006) are quite similar as ECU (vii), established the Asia Foundation, launched the Asian bond market, the provisions of the conditions in joining area apparently as simulation of the formation of the eurozone So learn from the eurozone, most problems of money, coordinate fiscal policy with a route consistent with the international trend of ever-changing, must be treated in the process of preparing was born aszone This is one of the key contents of the Asian common currency In summary, the present day is variable, the change is infinite, even forecasting is always finite Therefore the calculation and prediction of the unity of the currency and the introduction of AS will be the rule, will be very attractive, it is Trang important, if the preparation route and walk for reasonable aszone, which is beginning preparations for the next step / European financial crisis like that would affect Vietnam? Financial and economic crisis in Europe has 'burned' by about 1/3 of the world's assets, but not so exhausted invested, whereas the world's idle cash flow is greatly increased with which was withdrawn from the European market, the United States after the last event This cash flow select investment opportunities to bring high returns and low risk, trust is the market of emerging economies will bring what they want In Vietnam it has been ranked in the mighty tiger t of the emerging countries It's a very good chance that we need to grasp because our country needs huge capital to restructure the economy and keep the level of development of the last year Opportunities is entirely hand, if we prove the stability of the national economy as well as the ability to prevent inflation, currently at record levels in the region Negative consequences arising from the situation in the world, mainly in the area of foreign trade Of course, when the global economic difficulties, our exports will be difficult, with weak demand, competition on the world market will be more intense and with the high quality items without (compared with other competitive players) we will have to reduce prices As a result, as soon as keep export volumes as before, but will reduce turnover (this argument does not apply to certain raw goods, especially agricultural products, the market price has increased rapidly during the the last time) Devaluation of the dollar phenomenon has bad Trang consequences, when the prices of the commodities on the dollar increase, which is imported inflation due to the phenomenon that we have to face Trang 10 References: International corporate finance curriculum: PhD Nguyen Hoang Giang http://vnexpress.net/gl/kinh-doanh/quoc-te/2010/07/3ba1dca4/ http://www.diendan.org/viet-nam/khung-hoang-no-o-chau-au-va-viet-nam Trang 11 ... countries also form many different levels of economic development in the region to make up the gap in the level of development of the country The difference in the level of economic development led... nature, from the reference literature and collectibles magazines and the internet, I the project "The impact of the general economic crisis from area Europe to investment activities and the Asian... many years Loss of belief makes Greece crisis more difficult Any decision of the Greek government to solve budget problems are skeptical, therefore more difficult to solve the crisis outside the