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Stephen S. Roach

Former Non-Executive Chairman of Morgan Stanley Asia

Stephen S. Roach is a senior fellow at the Jackson Institute for Global Affairs, Yale University, and a member of the Yale School of Management faculty.

He was previously the Non-Executive Chairman of Morgan Stanley Asia (a position he held after serving as managing director and chief economist of Morgan Stanley). Before joining Morgan Stanley in 1982, Mr. Roach was Vice President for Economic Analysis for the Morgan Guaranty Trust Company in New York.

He also served on the research staff of the Federal Reserve Board in Washington, D.C. from 1972-79. Before that, he was a research fellow at the Brookings Institution in Washington, D.C.

Mr. Roach’s research covers a broad range of topics, with recent emphasis on globalization, the emergence of China, productivity and the macro paybacks of information technology. His work has appeared in academic journals, books, congressional testimony and on the op-ed pages of the Financial Times, New York Times, Washington Post and Wall Street Journal.

He holds a Ph.D. in economics from New York University and a Bachelor’s degree in economics from the University of Wisconsin.

Articles by Stephen S. Roach

China’s Global Role: The 2010 Perspective

Why does China have to step up and take the helm of global economic reform?

April 14, 2020

China at the Crossroads

By continuing its economic rebalancing, China could increase the scale of its economy by trillions of dollars.

April 15, 2015

America’s False Dawn

Is a classic cyclical revival finally at hand for the United States?

February 4, 2014

Global Rebalancing: The U.S.-China Dimension

Can China successfully shift from export-led to consumer-driven growth? Can the United States learn to save?

June 11, 2012

U.S. Political “Short-Termism” and National Economic Strategy

Why does it take a crisis to get the U.S. power structure to rethink economic stewardship?

April 25, 2011

Rethinking U.S.-Chinese Relations

Does the United States have a China complex that might force it to take harsh steps against the Asian giant?

July 7, 2010

Can the "China Miracle" Last? (Part I)

How long can China's economy grow as rapidly as it is growing now?

April 13, 2010

Financial Stability for Central Banks (Part II)

Should the G-20 create a global systemic risk manager?

October 28, 2009

Financial Stability for Central Banks (Part I)

How can central banks be made more accountable?

October 27, 2009

Central Banks in the Post-Crisis World

Should the central banking function be reviewed?

July 17, 2009

Whither Capitalism?

How can we make market-based capitalism a safer, more stable and sustainable system?

March 5, 2009

Guideposts for the Post-Bubble World

Why is it unlikely the fallout from the U.S. subprime crisis will come to a quick end?

August 15, 2008

From Globalization to Localization?

Despite the booming world economy, why are rich countries starting to feel squeezed by globalization?

June 19, 2007

China’s Environmental Moment of Truth

Can China avoid an environmental crisis without slowing its breakneck economic growth?

April 4, 2007

Hating Japan, Hating China?

How different are the Chinese threats today than the Japanese threats of the 1980s?

January 30, 2007

China and the U.S.: Who’s Subsidizing Whom?

Which side benefits most from the U.S.-China economic relationship?

December 19, 2006

Understanding the Chinese Consumer

Will the rise of a Chinese consumer culture affect the country's growth capabilities?

April 25, 2006

The Hollowing Ring of Davos

Will the internet help the developing world economically eclipse the developed countries?

January 31, 2006

Squaring the Circle of a Flat World

Is the global economy really as flat as Thomas Friedman would have people believe?

November 29, 2005

Confessions of a Euroskeptic: Don’t Write Off Europe

Does the EU's constitutional setback spell trouble for the European economy?

June 1, 2005

Dateline India: From Mumbai to Pune

Can India replicate its success in the IT sector — and build an equally strong manufacturing sector?

October 25, 2004