Morgan Stanley's Asia Chairman offers his views on investment opportunities in Asia. As Morgan Stanley's chief Asia specialist, getting Asia right is Stephen Roach's personal obsession, and this in-depth compilation represents more than 50 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 four parts - Asia's critical role in globalization; the coming re balancing 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. Stephen S. Roach, PhD (Hong Kong), is Chairman of Morgan Stanley Asia, serving as the firm's senior representative to clients, governments, and regulators across the region.

Table of Contents

Acknowledgments. Introduction. CHAPTER 1 A WORLD IN CRISIS. 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. 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. 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 Profits 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. 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. 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. Sources. About the Author. Index.

About the Author

Stephen S. Roach has been a thought leader on Wall Street for over thirty years. Currently the Hong Kong based Chairman of Morgan Stanley Asia, for the bulk of his career he served as the firm'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, 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 a jet-lagged resident of multiple time zones, splitting his time between eight Asian countries and his family home in Connecticut.

Reviews

‘…a very useful and astute analysis by an economist at the very heart of the system.' (Permanent Revolution, Spring 2010).