Global reset – Monetary decoupling (Part 3: Consequences of diverging policies)

Global reset – Monetary decoupling (Part 3: Consequences of diverging policies) Phuah Eng Chye (17 July 2021) The symbiotic US-China consumption-investment relationship dominated the global economy over two decades. Academics debated on the causality of the global savings glut[1]; whether US consumption and trade deficits caused foreign savings to soar or whether foreign willingness to … “Global reset – Monetary decoupling (Part 3: Consequences of diverging policies)”

Read More

Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets)

Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets) Phuah Eng Chye (3 July 2021) Massive sterilisation and QE programs have enlarged central bank balance sheets to disproportionate sizes. Stephen Cecchetti and Paul Tucker notes “in 2007, the central banks in the US, euro area, UK, and Japan had total … “Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets)”

Read More

Global reset – Monetary decoupling (Part 1: Sterilisation and QE)

Global reset – Monetary decoupling (Part 1: Sterilisation and QE) Phuah Eng Chye (19 June 2021) One important aspect of the global reset is the decoupling of monetary relationships. Narratives such as currency manipulation[1] or China’s dumping of US treasuries are simple and popular but they offer misleading perspectives on the inter-dependent relationship between US … “Global reset – Monetary decoupling (Part 1: Sterilisation and QE)”

Read More

Global reset – Two whales in a pond

Global reset – Two whales in a pond Phuah Eng Chye (5 June 2021) Global reset refers to the monumental changes triggered by a reset in the relationships between the world’s two most powerful nations. The analogy of “two whales in a pond” captures several critical dynamics. It describes how the global landscape will change … “Global reset – Two whales in a pond”

Read More

Journey to the information society – Issues and strategic themes

Journey to the information society – Issues and strategic themes Phuah Eng Chye (22 May 2021) Issues Developed countries have reached a crossroads in their journey to the information society. They face a populist backlash against technology and globalisation and have to decide whether to continue their advance or retreat. There’s not much to be … “Journey to the information society – Issues and strategic themes”

Read More

Journey to the information society – Unlearning and learning

Journey to the information society – Unlearning and learning Phuah Eng Chye (8 May 2021) We are mid-way in the journey to the information society. Most people now have access to some form of connectivity but there are large pockets that do not. The information sphere is also half-way in its migration. Economic activities; the … “Journey to the information society – Unlearning and learning”

Read More