Joseph Yam: The Asian crisis - lessons for the future Opening remarks by Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at the HKMA Fifth Distinguished Lecture: “The Asian Crisis: Lessons for the Future”, Hong Kong, 21 May 2002. *  *  *  I am delighted to welcome all of you to this fifth HKMA Distinguished Lecture, and to introduce our speaker, Dr Stanley Fischer, and our discussant, Dr Stephen Grenville. The title of Stanley Fischer’s lecture is “The Asian Crisis: Lessons for the Future.” In a few weeks’ time we shall be marking the fifth anniversary of the outbreak of the Asian financial crisis - a day or so, incidentally, after we celebrate an entirely unconnected event, the fifth anniversary of the establishment of the Hong Kong SAR. Asia and the world have gone through many other ordeals since 1997, so that the crisis perhaps seems much further in the past than it really is. But its effects both physical and psychological - are still with us. It is important that we continue to study the causes and effects and to see what lessons there are for the present. I have spoken at length on many previous occasions on the Asian financial crisis, and I intend today to sit back and listen. Let me, however, make three very brief observations.
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