Stephen Roach On Monday, March 28th, 2016

Former Chairman of Morgan Stanley Asia Stephen Roach: China’s Economic Identity Crisis

Unlike the West, where former US President George H.W. Bush once mockingly referred to “the vision thing, ” China takes economic strategy very seriously. That much was clear at the recent China Development More...

Stephen Roach On Thursday, February 18th, 2016

Former Chairman of Morgan Stanley Asia Stephen Roach: Central Banking Goes Negative

In what could well be a final act of desperation, central banks are abdicating effective control of the economies they have been entrusted to manage. First came zero interest rates, then quantitative easing, More...

Stephen Roach On Tuesday, January 26th, 2016

Former Chairman of Morgan Stanley Asia Stephen Roach: False Alarm on China

 The prospect of an economic meltdown in China has been sending tremors through global financial markets at the start of 2016. Yet such fears are overblown. While turmoil in Chinese equity and currency markets More...

Stephen Roach On Thursday, December 24th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: The Perils of Fed Gradualism

NEW HAVEN – By now, it’s an all-too-familiar drill. After an extended period of extraordinary monetary accommodation, the US Federal Reserve has begun the long march back to normalization. It has now More...

Stephen Roach On Thursday, November 26th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: China’s Macro Disconnect

Structural change and rebalancing are formidable undertakings for any economy. China has been focused on these objectives for five years – seeking to transform a powerful yet unbalanced growth model based largely More...

Stephen Roach On Tuesday, October 27th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: The Wrong War for Central Banking

BEIJING – Fixated on inflation targeting in a world without inflation, central banks have lost their way. With benchmark interest rates stuck at the dreaded zero bound, monetary policy has been transformed More...

Stephen Roach On Monday, September 28th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: The Sino-American Codependency Trap

 Increasingly reliant on each other for sustainable economic growth, the United States and China have fallen into a classic codependency trap, bristling at changes in the rules of engagement. The symptoms More...

Stephen Roach On Tuesday, August 25th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: China’s Complexity Problem

NEW HAVEN – There are many moving parts in China’s daunting transition to what its leaders call a moderately well-off society. Tectonic shifts are occurring simultaneously on several fronts – the economy, More...

Stephen Roach On Monday, July 27th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: Market Manipulation Goes Global

 Market manipulation has become standard operating procedure in policy circles around the world. All eyes are now on China’s attempts to cope with the collapse of a major equity bubble. But the efforts of More...

Stephen Roach On Sunday, June 28th, 2015

Former Chairman of Morgan Stanley Asia Stephen Roach: America, China, and the Productivity Paradox

 In the late 1980s, there was intense debate about the so-called productivity paradox – when massive investments in information technology (IT) were not delivering measureable productivity improvements. More...

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