June 15, 2012
In light of the momentous events in financial markets this week, we present a special series of essays by Ravi Menon, managing director of the Monetary Authority of Singapore, the country’s central bank. He has a dual message for would-be reformers: Yes, Europe, governments need markets — and yes, America, markets need governments. The key is that markets and governments need to do what they do more effectively.
And don’t miss these recent articles:
Global Rebalancing: The U.S.-China Dimension
The outlook for world economic growth depends on how the United States and China address their respective economic imbalances. For China, writes Stephen S. Roach, it is shifting from an export-led to a consumption-based economy. For the United States, it is learning to save.
Ronald Reagan’s Raw Deal for America
Since the Reagan era, Americans’ tax rates have been falling. If that capital had been invested in businesses, then those low tax rates could possibly be justified. Instead, it fueled a binge of consumer debt.
Southern China’s Thin(ning) Green Line
You have to blink hard to picture the glittering city of Shenzhen as the fishing village it was some 30 years ago. Now home to 10.3 million people, Shenzhen has become the poster child of modern China’s economic opening.