EconographicsDec 1, 2023
Financialization has increased economic fragility
By Hung Tran
Since the 1980s, financial activities and assets have played an increasingly dominant role in the global economy. At the same time, underlying economic activity as measured by global GDP has been growing more slowly. The result has been an ever-larger gap between the volume and value of financial activity relative to the real economy. And […]
Hung Q. Tran is a nonresident senior fellow with the Atlantic Council’s GeoEconomics Center and an accomplished economist, with broad experience across the private sector, international organizations, and research institutions.
Tran has produced important research and shaped policy decisions concerning advanced and emerging market economies, global capital markets, debt and capital flows, and financial stability issues. He has spoken and published extensively on these subjects and has frequently been interviewed and quoted in the international media.
From 2007 til retirement in 2018, Tran was at the Institute of International Finance (IIF). Since 2012 he served as IIF’s executive managing director while simultaneously leading its Global Capital Markets Department. During 2011-2012, he played an important role coordinating the negotiations of the Private Creditor-Investor Committee for Greece with the European Commission, the Euro Group, the European Central Bank (ECB) and the International Monetary Fund (IMF). The negotiations led to the successful restructuring of €206 billion of Greek Government Bonds, the largest sovereign debt re-structuring in history. Before that, serving as counsellor and senior director of Capital Markets and Emerging Markets at the IIF, he was responsible for the Institute’s highly regarded market policy research, which included multiple publications and services for its members.
Prior to his work at the IIF, Tran served for six years at the International Monetary Fund as deputy director for the Monetary and Capital Markets Department. His responsibilities included being chairman of the Editorial Committee of the Fund’s semi-annual flagship publication, the Global Financial Stability Report (GFSR).
From 1998 to 2001, Tran was based in London serving as managing director, chief economist, and global head of research for Rabobank International, a Dutch multinational bank. He spent the previous 12 years at Deutsche Bank, serving first as director of global fixed income research from 1987-1990 in New York, then as co-founding managing director of Deutsche Bank Research GmbH from 1991-1995 in Frankfurt, and finally as head of equity business (sales, trading, derivatives, research) for the Deutsche Bank Group in Asia-Pacific, based in Singapore from 1995-1998. Earlier in his career he had served in senior positions in international fixed income research for Merrill Lynch (1984-1987) and Salomon Brothers (1979-1984) in New York.
Tran received his undergraduate and graduate degrees in Economics and Accounting from California State University, Fullerton and completed the doctoral course work in Economics at New York University.