The short answer appears to be no, but let’s start at the beginning…as anyone who has been following the financial markets now knows, the mortgage market in the U.S.
You may want to grab your surfboard to be prepared even though this wave may not yet be visible now. There is little (public) focus on this question in Asia at the moment and I suspect that the reason is simple – over the past ten years we have witnessed a relatively long period of stability and rapid economic growth across Asia. Such a situation can too easily breed complacency and high levels of risk-taking by banks,
It has been a long time since I’ve written, but the past two months have been quite hectic for us! I just returned from China, where we were working with the capital market supervisor, and the issue of the financial sector regulatory architecture, or how market supervisors should be organized, was a topic of discussion. In early June, there was a conference with all of the key financial supervisors on the topic
The World Bank released the China Quarterly Update —of which I’m the lead author, full disclosure here-- today at a press launch in our Beijing office. The economic journalists noticed that the Bank’s projection for GDP growth in 2008 is now 9.8 percent, more than 2 percentage points lower than the outcome in 2007.
As you may have heard, our new World Bank Chief Economist is Chinese, so it was with interest that I watched a short interview of him on Bloomberg about China's economy:
The year 2007 was an important milestone in modern economic history. While the U.S. grew well, China contributed more to global GDP growth than the U.S. did. That pattern is likely to continue for the foreseeable future. Roughly speaking, the U.S. economy is about four times the size of China’s. If the U.S.