The "crazy scholar of Nghe An" who participated in "raising the flag of innovation" has passed away.

Professor Cao Cu Boi was born in 1936, his father's hometown was in the old Xuan Vien village, now Dien Binh commune, Dien Chau district, his mother's hometown was in Phi Cam village, Vinh Thanh commune, Yen Thanh district.

He is known as a leading scientist in the field of banking and finance, an excellent macroeconomic expert, and has advised Chairman of the Council of Ministers Do Muoi and President of the Lao PDR Kaysone Phomvihane.

Professor Cao Cu Boi. Photo taken in December 2013.

Professor Cao Cu Boi, who grew up from practical experience in local banking, was sent by the Central Bank to study at the National Economics University in 1960, then was retained to teach, research, and work as a graduate student and senior trainee in the former Soviet Union in the field of finance and currency.

He became an active consultant in the specialized fields in which he devoted much research.

He is one of the few scientists who participated in "raising the flag of innovation", pioneering in researching and proposing market-based operations in the field of seafood export.

Even before 1986, a research group that surveyed the seafood production situation in the northern coastal provinces realized that the fishermen's need to "break the fence" had reached a peak. He was fortunate to be in that research group. The research group realized the necessity of a self-accounting mechanism for seafood import and export activities, and persistently proposed implementing a mechanism for people to convert themselves from 1985 to 1986 with the motto "using the shore to feed the sea, using the sea to feed the shore, not waiting for the state".

This proposal was accepted and the opening of the market economy mechanism in seafood export quickly solved the deadlock, swept away all the accumulated debts, resolved difficulties, and brought about economic efficiency beyond imagination. Members of this group continued to be invited to consult for other fields and activities, from specific to macro, becoming "market flag bearers", "innovation flag bearers"...

Professor Cao Cu Boi is considered one of the initiators of the process of reforming the Financial - Monetary system in Vietnam with the implementation of the Two-tier Banking System in the early 90s of the 20th century.

Professor Cao Cu Boi was a member of the Board of Directors of the State Bank (1988-1989). Photo courtesy

As the head of the Finance - Banking - Accounting Department, editor and co-editor of the specialized teaching textbooks on macroeconomics of the National Economics University, along with the results of participating in practical research and bold proposals that brought great success at the grassroots level, Professor Cao Cu Boi was trusted and invited to be a member of the advisory team (period 1988 - 1990) for comrade Do Muoi - Chairman of the Council of Ministers.

In August 1988, Professor Cao Cu Boi was invited to attend the Standing Committee of the Council of Ministers. With his knowledge, experience in researching the world and his own research, he pointed out that we were having difficulty in financial transformation because our economy was still facing difficulties, the key problem at that time was that we were still under embargo and had not solved the problem of hyperinflation. What we could do right now was to solve the problem of fighting inflation by implementing super high interest rates.

If we implement the super high interest rate measure, we will quickly lower inflation, ensure stability for the conversion, but it will cause damage to some economic activities, sectors, and organizations. This can be considered as using pesticides. That is, we can eliminate the "inflation worm" but it will also have certain effects and damage to the "body" and "health" of the economy.

His proposal was accepted, and in April 1989, our government implemented a super high interest rate policy, up to 18%/year. With that approach, the macro economy was gradually stabilized, and our country controlled hyperinflation from 774% in 1986 to 34.7% in 1989, 14% in 1992 without any external assistance. Accordingly, on other issues such as budget structure, banking conversion, fiscal policy, etc., when asked for his opinion, he always gave sharp advice, full of opinions and courage.

Also in 1988, Professor Cao Cu Boi was invited by President Kaysone Phomvihane to advise on macroeconomics. He successfully advised on the transformation of banking operations into a two-tier market economy: State Bank and Commercial Bank. Considering the characteristics of the financial market being regional rather than administrative boundaries or government, the professor at that time advised Laos to implement a regional State Bank. In addition, he provided specific advice on building a tax regime, budget, and budget structure.

Professor Cao Cu Boi is a leading expert in finance, especially currency, a member of the Board of Directors of the State Bank (1988-1989), a writer and a teacher of economics and making money. However, it was not until his wife retired early from her hometown that she borrowed money and managed to find enough money to buy a house in the dormitory of the National Economics University.

On March 23, 2018, Professor Cao Cu Boi breathed his last. The visitation and memorial service were held from 11:30 - 12:45 on March 26, 2018 at the National Funeral Home No. 5 Tran Thanh Tong, Hanoi. Cremation at Dai Hoan Vu on the same day, burial on April 4, 2018 in his hometown.

Professor Cao Cu Boi always considered himself a teacher. He worked at the National Economics University until his retirement, and considered his other jobs as part-time.

Professor Cao Cu Boi is considered one of the "crazy scholars of Nghe An" who represents talent, virtue, integrity, with a spirit of dedication and devotion to science and to the country.