News and Analysis: 16-30 May 2014 | EmergingFrontierMarkets.com

Based in: Manila, Philippines

Posted on Fri, 30 May 14:

The future of Asian finance, Finance & Development, by J Walsh, June-Aug '14:
Shenzhen (China) is now among the world's 20 largest stock exchanges, and the companies listed there have a total market capitalization comparable to the stock markets in Switzerland and Madrid. Across Asia, the rapid growth of financial sectors is an important part of the growth miracle that has made Asia the world's most dynamic region. What will Asian financial sectors look like in the future?, asks IMF dep div chief

There is no such thing as a typical emerging market, Telegraph, by T Stevenson, 24 May 14:
Look a little more closely and it is clear that the very concept of emerging markets is unhelpful as an investment catch-all. There is no such thing as a typical emerging market and the countries captured under this heading have performed very differently over the last year since the 'Taper Tantrum'. I've highlighted three, all of them in the news of late, writes Fidelity investment dir

Boardroom/C-suite: Five ways to adapt to win in the 21st century, Stanford Univ, 15 Apr 14:

(Ed.'s note: Again, our software somehow develops a glitch that prevents us from linking to this article, but not to the rest in this same page. Sabotage or not?--go figure. To read, paste this URL on your browser:
<gsb.stanford.edu/news/headlines/gen-stanley-mcchrystal-five-ways-adapt-win-century>)

In '03, Gen. Stanley McChrystal took command of the US Joint Special Operations Command, an assn of elite forces such as the Navy SEALS, Army Rangers, and Delta Force. His mission: to defeat al-Qaida in Iraq. JSOC had superior technology, skills, and resources. "By the summer of '04, we were also losing. We were doing all the things we'd been taught to do, but they weren't working like they used to"

Posted on Wed, 28 May 14:

'Financial Times' picks apart Picketty, sparking an argument, Colorado River Public Media, 27 May 14:
The feeling among the super-rich that capitalism is under siege may be heightened by the release of the book by the French economist, Thomas Piketty. The book, which deals with growing inequality, currently tops many non-fiction best seller lists. But late last week, FT published a story citing errors in the book and suggesting that some of its conclusions are mistaken (Piketty says he was ambushed, Newsweek)

A debacle becomes a teaching moment, Boston Globe, by K Cullen, 23 May 14:
Smith College thought it had scored a coup when the 1st woman to head the IMF agreed to be its commencement speaker. But some students and faculty were fervently opposed, stating in a petition that the IMF is the "primary culprit" of developmental policies that have "led directly to the strengthening of imperialist and patriarchal systems that oppress and abuse women worldwide" (Protesting commencement speakers--who's politically correct?, Brookings [blog])

Posted on Mon, 26 May 14:

Egypt says UAE will continue economic support after election, Reuters, 25 May 14 [via Arabian Business]:
The UAE will continue its political and econ support for Egypt after a presidential election that is expected to be won by fmr army chief Sisi, Egypt's state news agency has reported. Wealthy oil-producing Gulf Arab states incl the UAE showered billions of dollars in cash and petroleum products on Egypt after Sisi ousted the democratically elected Pres Mursi of the Muslim Brotherhood last July

Martin Ravallion: Reading Piketty in India, Indian Express, 15 May 14:
Some people have said that Wash.DC where I live has caught a severe case of 'Piketty fever'. Everyone seems to be talking about his book--clearly many more people than have read its 700 pages. Let me be clear from the outset that I share Piketty's concerns about the potential damage of high inequality. This is something India should be concerned about, writes Society for the Study of Econ Inequality pres-elect / Georgetown U prof

Seven things you need to know about ASEAN, McKinsey, by Vinayak & Assoc, May '14:
One of the fastest-growing markets is among the least well known. China remains the Goliath of emerging markets, with every fluctuation in its GDP making headlines around the globe. But investors and multinationals are increasingly turning their gaze southward to the 10 dynamic markets that make up the Association of Southeast Asian Nations

Posted on Fri, 23 May 14:

From Aceh to Tacloban -- how far have we gone?, Development Asia, by J Larkin, May '14 [PDF]:
At the beautiful but fragile islands of the central Philippines, communities are picking up the pieces after Typhoon Haiyan, the worst storm in memory. Building back better--the notion of rebuilding stronger and safer through improved design and location--was popularized after the '04 Indian Ocean tsunami but is a mystery to many residents who lack the resources even to rebuild what they had

Bill Gates: Why Jeffrey Sachs matters, Project Syndicate, 21 May 14:
Bono calls the economist Sachs "the squeaky wheel that roars". To me, Sachs is the Bono of economics--a guy with impressive intelligence, passion, and powers of persuasion who is devoting his gifts to speaking up for the poorest. So it was no surprise that a journalist-book author would find him to be a good way to draw readers into the potentially dry subject of intl devt, writes Bill & Melinda Gates Foundation co-chair

Jeffrey Sachs: Why Bill Gates gets it wrong, Project Syndicate, 23 May 14:
In his review of Nina Munk's error-filled and out-of-date book, Gates oddly abandons the rigorous approach to measurement and evaluation that defines his foundation's invaluable work. He simply accepts her assertion that the Millennium Villages Project--an ongoing development project across more than 20 African nations--has failed. This credulousness is puzzling, writes Columbia U Earth Inst dir

Posted on Wed, 21 May 14:

Philipp Rösler: What does the future hold for South East Asia?, Straits Times, 19 May 14 [courtesy WEForum]:
As the World Economic Forum visits the Philippines for the 1st time, I believe there has never been a better time for the country and region to set out its stall for business. Growth is meaningless, however, unless it benefits all. And the key to avoiding an ever-widening income gap is to nurture a strong and broad-based middle class, writes WEForum managing dir

Thailand - Security measure or prelude to coup?, Deutsche Welle, 20 May 14:
On Tue, 20 May, Thailand's powerful military intervened for the 1st time in the nation's latest crisis. The Asia Foundation's country representative to Thailand, Kim McQuay, says he hasn't seen any striking evidence that the caretaker govt is exercising any genuine power. But he also says the intervention could potentially lay the groundwork for a military-brokered political compromise leading to fully-contested elections

Editorial: The Piketty phenomenon -- big picture economics, Guardian, 5 May 14:
Asked whether economists had to be mathematicians too, Keynes said no. What was needed was not math as such, but rather "a sense of proportion". The discipline has since inverted this Keynesian rule. When the maelstrom surrounding Capital in the Twenty-First Century dies down, its legacy may be to give econ back its sense of proportion (Atkinson: Behind Piketty's book lie years of work by many researchers)

Posted on Mon, 19 May 14:

Martin Feldstein: End the currency manipulation debate, FT, 15 May 14 [courtesy Harvard]:
The US Treasury recently completed its semi-annual ritual of examining whether our trading partners have been manipulating their exchange rates to increase their trade surpluses. Not surprisingly, it focused on China. That ritual has now been repeated for more than 20 years. It is time to bring it to an end, writes Pres Reagan's Council Econ Advisers chair / Harvard prof

Chang and Aldred: After the crash, we need a revolution in the way we teach economics, Observer, 11 May 14:
Reform of econ teaching is resisted so strongly by mainstream economists because they find it threatening. It is like asking the medieval Catholic clergy to teach their new recruits different interpretations of Christianity. But why does it matter that those nerds doing econ degrees are made to jump through one set of hoops rather than another?, ask 2 Cambridge Univ academics

Q&A with 'Fragile by Design' co-author Charles Calomiris, Columbia Univ, 28 Apr 14:
In Fragile by Design: The political origins of banking crises and scarce credit, Columbia's Calomiris and Stanford's Haber examine the historical record in the UK, US, Canada, Mexico, and Brazil. They find that banking crises and lack of credit are not accidents, but the product of national political frameworks that reflect the input of multiple stakeholders

Posted on Fri, 16 May 14:

Modi dreams of bullet trains and new cities for India but critics are wary, Washington Post, 16 May 14 [via Helsinki Times/Fin.]:
In the last 12 years, Narendra Modi has transformed his arid state into a (Gujarat) model of what some believe India can become -- a place of wide, smooth roads, electrified villages, rising incomes and brand-name foreign investment. But critics and supporters alike say the state leader dubbed 'Development Man' may face challenges implementing his agenda nationwide

John Whalley: Global mega trade deals and the impact on China, Ctr Intl Governance Innov, 1 May 14:
The term 'mega deal' relates to large prospective trade deals between the US and Europe (Transatlantic Trade and Investment Partnership [TTIP]), and in Asia-Pacific (Trans-Pacific Partnership [TPP]). However, the phenomenon of mega deals is much broader than just these two deals, and also includes China and Asia more broadly, writes Ctr distinguished fellow / U West.Ontario Ctr Intl Econ Rel co-dir

Kharas and Chandy: Statistical earthquakes, World Bank (blog), 7 May 14:
The new report of the International Comparison Program published last week promises to invigorate debate about the global econ landscape. China's rise is just one striking example of a more general feature of our times--the rapid development of low- and middle-income countries and their convergence with rich countries, writes Brookings senior fellow; and fellow

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