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Joseph is Credit Suisse’s Asian Chief Economist for the Private Bank and heads up the Asian Economics, Foreign Exchange and Commodities Research team based in Singapore. Prior to joining Credit Suisse, Joseph was with a major European bank and was responsible for global markets research on Asian foreign exchange and interest rates. Before that, Joseph was with a major British bank in the area of economics research on Southeast Asian economies.
A CFA charter holder, Joseph speaks frequently at regional forums and roundtables organised by government bodies and think-tanks. Joseph is also Secretary of the Singapore Institute of International Affairs; the oldest think-tank in Singapore which actively leads in the discussion of regional and international issues.
(by Lim May-Ann)
Mr. Joseph Tan, Chief Asian Economist for Credit Suisse, and Council Secretary for the Singapore Institute of International Affairs, spoke to the 6th form students of Tanglin Trust School on the origins and effects of the global financial crisis. He explained how poor lending policies in the American housing market led to the sub-prime crisis. The subsequent defaults triggered a collapse of financial institutions worldwide.
These topics were of great interest to the students, who were actively engaged in the discussion, asking pointed questions during the session.
Students also actively participated in the post-presentation Q&A session, which centred around the question: Are we smarter? Issues and questions on how and why the crisis started, and how we can prevent it from happening again were brought up and discussed. These include greed, poor regulation, liquidity issues and the ethics and morals behind financial markets. Examples such as Bernard Madoff's Ponzi scheme, the collapse of Lehmann Brothers and other high-profile cases of financial mismanagement were used to illustrate certain concepts.
The session concluded with a student's question on Mr. Tan's position on the future of the economy, and whether or not Mr. Tan felt that we were smarter, post-crisis. Mr. Tan responded that he believes that certain economic and financial theories may have to be re-examined and we will have to learn from our mistakes if we are to prevent yet another crisis from happening again.
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