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Last week, Morgan Stanley made an appointment that caught the market's attention. It named Stephen S. Roach, its chief economist, as the firm's Asia chairman, replacing Alasdair Morrison, who is retiring. This somewhat unusual path for an economist is nonetheless a logical way to tap Roach's expertise on China and the global economy as well as his extensive relationships formed over his 25- year career at Morgan Stanley. Roach has become one of the most influential economists and has developed a unique and highly respected perspective on globalization, the ascent of China and the shifting economic emphasis from West to East.
Roach has traveled extensively to China and other parts of the globe. Through numerous trips, he has formed many ties with heads of state, ministers, planners, policy makers and corporate chieftains and has provided many clients with strategic advice.
Although Roach is something of a bear on the US economy, his published research has covered a broad range of topics, with recent emphasis on globalization, the emergence of China, productivity, and the capital market implications of global imbalances.
Before joining Morgan Stanley in 1982, Roach was vice president for economic analysis at Morgan Guaranty Trust in New York. He also served on the research staff of the Federal Reserve Board in Washington, DC, from 1972 to 1979, where he supervised the preparation of official Federal Reserve projections of the US economy. Prior to that, he was a research fellow at the Brookings Institution in Washington, DC.
To find out how this unusual appointment came about and to learn more about Roach's views on China, IDD caught up with Roach for a Q&A.
How did the idea of taking the role of Asia chairman come about?
Roach: After 25 years as an economist at Morgan Stanley, I was convinced I...