Stephen S Roach

Articles By Stephen S Roach

52 Articles

Covid-19: Hyper-extended saving, current-account imbalances will have consequences for dollar

No country can afford to squander its saving potential—ultimately, the seed-corn of long-term economic growth. That’s true even of the United States, where the laws of economics have often been ignored under the guise of

A sudden stop—long associated with capital flight out of emerging markets—often exposes deep-rooted structural problems that can impair economic recovery.

Coronavirus hits China’s growth: Economic response to farlag the virus infection curve

The economic response to COVID-19 will far lag the virus infection curve.

coronavirus, coronavirus outbreak

A global economy without a cushion: World staring at a recession?

Global growth moving into the lower half of the 2.5-3.5% range leaves the world more susceptible to a recession.

The economic crisis of 2020: Financial market imbalances point to vulnerability

The best that economists can do is to assess vulnerability. Looking at imbalances in the financial markets gives a sense of the potential consequences of a major shock

Politics of US-China trade war point toward de-escalation

A recent IMF study found that GVCs accounted for fully 73% of the rapid growth in global trade that occurred over the 20-year period from 1993 to 2013.

Tariff wars: No art to the US-China trade deal

Multilateral problems require solutions aimed at the macroeconomic imbalances on which they rest. That could mean a reciprocal market-opening framework

For years, China has embraced the “fat-wallet” approach when it comes to defusing trade tensions with the US. (Representational image)

China’s visionary economic policy: The country is less concerned about sudden growth accidents

In 2018, net exports were just 0.8% of China’s GDP, which represents a dramatic compression from a decade earlier, when net exports accounted for a full 7.5% of real GDP. While hardly an oasis in a weakening global economy,

china, china economy, US tariff war, China-US tariff war, global financial crisis, Donald Trump, economy news, world economy, singapore, china, export, china export, Gross domestic product, economy news

What is common in China and Japan? Both are victims of US trade war

Japan and China both became victims of America’s unfortunate habit of making others the scapegoat for its own economic problems

China, Japan, US trade war, Ronald Reagan, US trade deficits, GDP,  World Trade Organization, global supply chains, US economy, donald trump

No middle-income trap for China, shift in output from quantity to quality

Productivity growth is far more important than GDP growth in determining a country’s development prospects

Chinese economic growth, china, china economy, china gdp, China Development Forum, beijing, china middle-income trap

US-China trade war: With ample policy space to address trade slowdown, China has no need to abandon long-term strategy

Chinese policymakers have moved aggressively to avoid the dreaded Japan syndrome—not just a debt overhang, but also a profusion of zombie companies and related productivity challenges.

US Monetary Policy: The Fed should be congratulated for its steadfast commitment to policy normalisation

From bubble to bubble, from crisis to crisis, there were increasingly compelling reasons to question the Fed’s stewardship of the US economy.

dollar, dollar value, US stocks, US stock market, united States, wall street, currencies, market news

The internationalisation of inflation: Assess risk factors of domestic output gaps to global output gaps

Understanding inflation now requires the broadening of the assessment of risk factors of domestic output gaps to global output gaps

internationalisation of inflation, risk factors, domestic output gaps, global output gaps, consumer price index

Ending US-China economic war: Yale professor & former Morgan Stanley Asia chairman suggests this

Transforming a zero-sum conflict of codependency into a positive-sum relationship of mutually beneficial interdependence is the only way to end this economic war.

us, china, economy

Trade tensions: The current account is what counts

America’s trade gaps have, in fact, been spawned by a chronic deficiency of domestic US saving, averaging just 1.9% over the 2009-17 period.

QE lessons on its 10th anniversary

The taper tantrum of 2013 and the current travails of EMEs underscore the contagion of cross-market spillovers arising from QE

When power politics overcome economic rationale

The us president’s fiscal and trade policies show no appreciation of the linkage between trade deficits and macroeconomic saving-investment imbalances.

A bilateral facade: A Chinese escapade for America’s multilateral issues

There is a longstanding disconnect between bilateral and multilateral approaches to international economic problems.

The US’s weak case against China

In short, the USTR’s seemingly impressive Section 301 report is a biased political document that has further inflamed anti-China sentiment in the US.

US, China, unfair trading

No e’XI’t: China as seen from a glass house

China will likely stay its current course. Normal leadership Succession or not, It can’t now turn Back from a transition that has brought it to the brink of prosperity

china, chinese president xi xinping. chinese leadership

Weak signals from the US: The myth of sound fundamentals

The multilateral foreign-trade deficits of a saving-short US economy set the stage for perhaps the most egregious policy blunder being committed by the Trump administration: a shift toward protectionism.

US stock market, united states stock growth, US economy, united states, US tax reform

Why Trump administration’s recent protectionist measures can spark retaliatory measures

The Trump administration's recent protectionist measures, aimed at china & South korea, can spark retaliatory measures that will only leave americans worse off.

donald trump, trump administration, india, us, trade

Complacency will be tested in 2018

Real economies rest on asset prices distorted by the execssively accommodative policies of central bank; glacial normalisation only prolongs this dependency

global economy, World GDP growth, Bitcoin, US, china, United States, Bank for International Settlements, Great Recession, IMF, CAPE, North Korea, trade war 

America’s supply-side scam

Congressional Republicans’ proposed tax cuts—masquerading as tax reform—are no recipe to “make America great again”.

Tax cuts, supply-side scam, tax reform, policy gambit, Donald Trump, tax relief

China’s growth path must resolve many contradictions

China’s principal contradiction—tension unbalanced & inadequate development and people’s need for a better life—flags what its long-term strategy is missing

china, china growth, Xi Jinping, Communist Party congresses, Mao Zedong Thought, People Republic of China, Hu Jintao,  Jiang Zemin, 19th National Congress

The US and China’s codependency trap

Any action by the US against Chinese imports will effectively translate as a tax hike, and counter-measures by China will hit US exports hard.

US, China, trade, Chinese trade

Deciphering China’s economic resilience

The Chinese economy is drawing support from strong sources of cyclical resilience in early 2017. The 11.3% y-o-y gain in exports recorded in June stands in sharp contrast with earlier years, which were adversely affected by a

China, india china standoff, sikkim standoff, China growth debate, Great Financial Crisis, Great Financial Crisis in china, Chinese economy, economies on China, other countries on china

Another lesson from Japan

Monetary accommodation set the stage for Japan’s demise; BoJ compounded the problem by embracing quantitative easing.

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