Details

Stephen Roach on the Next Asia

Opportunities and Challenges for a New Globalization
1. Aufl.

von: Stephen S. Roach
10,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	17.09.2009
ISBN/EAN:	9780470564202
Sprache:	englisch
Anzahl Seiten:	432

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Beschreibungen

Titelbeschreibung

As Morgan Stanley's chief Asia specialist, getting Asia right is Stephen Roach's personal obsession, and this in-depth compilation represents more than 70 of Roach's key research efforts not just on Asia, but also on how the region fits into the broad context of increasingly globalized financial markets. The book argues that the "Asia factor" is not a static concept, but rather one that is constantly changing and evolving. Broken down into five parts–Asia's critical role in globalization; the coming rebalancing of the Chinese economy; a new pan-regional framework for integration and competition; and a frank discussion of the biggest risk to this remarkable transformation–this book will help readers understand and profit from the world's most dynamic region.

Inhaltsverzeichnis

Acknowledgments ix Introduction xi Chapter 1 A World in Crisis 1 A Subprime Outlook for the Global Economy Save the Day Coping with a Different Recession Davos Diary: 2008 Double Bubble Trouble Even When the Worst Is Over—Watch Out for Aftershocks Pitfalls in a Postbubble World Panic of 2008: Enough Scapegoating Global Fix for a Global Crisis Changing the Fed’s Policy Mandate An Early Leadership Opportunity for Barack Obama Dying of Consumption Uncomfortable Truths about Our World after the Bubble A Postbubble Global Business Cycle America’s Japan Syndrome Whither Capitalism? After the Era of Excess Same Old, Same Old Depression Foil Chapter 2 The Globalization Debate 89 Open Macro The Battleground of Globalization The Global Delta Beggars Can’t Be Choosers Perils of a Different Globalization Bad Advice and a New Global Architecture Doha Doesn’t Matter Global Speed Trap Hitting a BRIC Wall? Global Comeback—First Japan, Now Germany Labor versus Capital Global Lessons From Globalization to Localization Unprepared for Globalization The Currency Foil The Shifting Mix of Global Saving Chapter 3 Chinese Rebalancing 169 China’s Rebalancing Challenge A Commodity-Lite China Scale and the Chinese Policy Challenge China’s Great Contradiction Soft Landing Made in China? The Great Chinese Profi ts Debate China Goes for Quality Heavy Lifting Two Birds with One Stone Unstable, Unbalanced, Uncoordinated, and Unsustainable China’s Global Challenge Consumer-Led Growth for China China’s Macro Imperatives Manchurian Paradox Chapter 4 Pan-Asian Challenges 261 The Next Asia Rebalancing Made in Japan? From Beijing to Dubai A Tale of Two Asias Kim’s Boost to Globalization Japan’s Missing Link India on the Move The Cranes of Dubai Asian Decoupling Unlikely The Korea Test Asia’s Policy Trap Complacency Asian Style The End of the Beginning Another Asian Wake-Up Call India’s Virtuous Cycle Risks of an Asian Relapse Chapter 5 U.S.-China Tensions 327 A Slippery Slope Past the Point of No Return Debating U.S.-China Trade Policy Who’s Subsidizing Whom? Protectionist Threats—Then and Now The Ghost of Reed Smoot China’s Pace, America’s Angst The Politics of Trade Frictions A Wake-Up Call for the United States and China: Stress Testing a Symbiotic Relationship Afterword 395 Sources 403 About the Author 407 Index 409

Rezension

"As Chairman of Morgan Stanley Asia and a renowned economist, Stephen Roach has a solid macroeconomics background, in-depth understanding of the region, rich knowledge of various industries, and an open mind. In this book, Steve vividly describes the changes of Asia -- and the driving forces behind those changes。Furthermore, he brilliantly points out the challenges Asia is facing, as well as its impacts on the global economy. Asia is reshaping the global economy in this post-crisis world, and I believe this book provides us with unique insights as to how this reshaping is playing out." —Dr. Zhu Min, Group Executive Vice President, Bank of China "Stephen Roach has for many years been a uniquely independent voice among international economic commentators. He was one of the few who warned that the debt-fuelled 'casino' economy was unsustainable. His prophetic warnings came to pass in 2008. In his latest book he issues another warning. Asia's explosive growth has been based on a 'bet' upon deep integration with the global economy. Stephen Roach argues that this growth is unsustainable in the face of the global recession. The region needs comprehensively to re-balance its economic model if it is to maintain its remarkable growth. He warns that this will not be easy. Stephen Roach's book is essential reading for those who hold the comfortable belief that Asia has 'de-coupled' from the world economy." —Prof Peter Nolan, CBE, Sinyi Professor, Judge Business School, and Chair, Development Studies, University of Cambridge, UK

Autorenportrait

STEPHEN S. ROACH has been a thought leader on Wall Street for over thirty years. He is currently a member of the faculty of Yale University and Non-Executive Chairman of Morgan Stanley Asia. For the bulk of his career, he served as Morgan Stanley's chief economist, heading up a highly regarded team of economists around the world. His recent research on globalization, the emergence of China and India, trade policy, and the capital market implications of global imbalances has appeared widely in the international media and in testimony before the U.S. Congress. Prior to joining Morgan Stanley in 1982, he worked in senior capacities at Morgan Guaranty Trust Company and the Federal Reserve Board in Washington D.C. He holds a PhD in economics from New York University and was a research fellow at the Brookings Institution. He is currently recovering from chronic jet lag syndrome after having logged 1.2 million air miles during his recent three-year stint as Hong Kong–based Chairman of Morgan Stanley Asia.

Back cover copy

"Stephen Roach's prescient collection of insights and analyses, from his many years in Asia as one of the most experienced decoders of China's political and economic trends, are cogent, valuable, and immensely helpful." —HENRY A. KISSINGER PRAISE FOR STEPHEN ROACH ON THE NEXT ASIA "Stephen Roach's penetrating insights into the linkages between Asia and globalization—past, present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy." —JEFFREY E. GARTEN, Professor and former dean, Yale School of Management, and former Undersecretary of Commerce for International Trade, Clinton administration "If policymakers from the United States and China heed [Roach's] words, the world will be a safer, more prosperous place." —BILL BRADLEY, former United States Senator "This book presents a fresh Asian perspective in understanding the root cause of the global financial crisis." —LIU MINGKANG, Chairman, China Banking Regulatory Commission "Stephen Roach's articles on Asia give the reader an authoritative and highly readable overview of the many fascinating aspects of Asia's new emergence on the global scene." —MONTEK AHLUWALIA, Deputy Chairman, Planning Commission, Government of India "Debate rages over whether Asia has become the new engine of growth in a post-crisis global economy. Stephen Roach challenges this presumption and provides timely insight as to what China and the rest of Asia need to accomplish in order to step into this important role." —LAURA D'ANDREA TYSON, Professor, Haas School of Business, UC Berkeley, and former chair, White House National Economic Council, Clinton administration "Roach has enjoyed a ringside seat in Asia through the crisis. The combination of economic and business analysis gives him a unique perspective." —HOWARD DAVIES, Director, London School of Economics, and former executive chairman, UK Financial Services Authority