Word: nextly
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...recovering from the global recession faster than the West. But the financial imbalances that triggered the worst economic crisis in memory could still put the brakes on the world's fastest-growing economies. So warns economist and Morgan Stanley Asia chairman Stephen Roach in his new book, The Next Asia, a collection of his essays and analysis from the past several years that foreshadowed the meltdown. The following is an exclusive excerpt from the book's introduction...
...Next Asia will also have to come to grips with its inherent lack of coordination by exerting greater control over its fragmented economies, markets and political systems. China's four largest banks, for example, still have over 50,000 branches between them - branches that in many cases function autonomously with respect to deposit-gathering and lending policies. Such a fragmented banking system has long been a major complication for China's central bank and its execution of a coherent monetary policy. Asia's rural-urban dichotomy also creates a natural fragmentation to its social and economic fabric - underscoring ever widening...
...four uns" largely offer inward-looking prescriptions. But the Next Asia has much to gain from its external linkages - especially by focusing more on the benefits of cross-border economic integration. Perhaps the greatest opportunity in that regard could come from closer ties between the two greatest powers in the region: Japan and China. Despite a long and difficult history between them, these two nations are natural complements in many key respects. Japan, with its declining population and high-cost workforce, has much to gain from Chinese outsourcing and efficiency solutions. China, with its need for new technologies and pollution...
...late 1990s. But, as they say in the investment business, a track record of success is no guarantee of future performance. The current global recession is an important wake-up call for Asia - a not-so-subtle hint to find a new recipe for its growth model. The Next Asia that emerges from this transition will need to be all about a shift in focus from the quantity to the quality of the growth experience. Although the quality of economic growth is something of an amorphous construct, its attributes are undoubtedly steeped in better balance, stability, coordination, sustainability and integration...
...Change is never easy - especially on a scale that the Next Asia requires. But change has been at the core of all the Asian miracles of the post - World War II era. Once again, circumstances require this dynamic region to look inside itself and reinvent the model that will take it to the next phase of its remarkable journey. I remain confident that Asia will be able to pull it off. At the same time, I don't underestimate the risks that the Next Asia will face as it once again moves out of its comfort zone. That's something...