Asia & the Pacific

Today’s economic crisis leaves us with an unsettling and perplexing regret. Why weren’t financial portfolios already adjusted for risks that stem from health events such as pandemics? After all, financial portfolios are adjusted for liquidity risks, market risks, credit risks, and even operational and political risks.

Could using the cash in your pocket have the potential to spread covid-19? That question has rarely appeared in the news, but many governments and leaders in the digital payments industry are wondering how the virus might impact the use of cash. Several countries have already taken drastic measures to limit circulation of bank notes. Could such interventions lead to the end of cash payments?

Meghan L. O’Sullivan, Professor of International Affairs at Harvard’s Kennedy School, former National Security Council advisor, and a Bloomberg Opinion columnist, discusses the oil market plunge, and the Russia-Saudi relationship. Hosted by Lisa Abramowicz and Paul Sweeney.

At the start of this year, things seemed to be looking up for the global economy. True, growth had slowed a bit in 2019: from 2.9% to 2.3% in the United States, and from 3.6% to 2.9% globally. Still, there had been no recession, and as recently as January, the International Monetary Fund projected a global growth rebound in 2020. The new coronavirus, COVID-19, has changed all of that.

The continual spread of Open Banking means that regulators and merchants in various markets are becoming more aware of the critical importance of security as data speeds increase. One of the more intriguing markets moving forward with financial innovation is China, where regulators have upgraded both banking and cybersecurity rules in recent years.

The rules — as with Europe’s regulations surrounding financial data collection and use — are intended to keep information safe, while fostering growth for banks and merchants. Since China is one of the more dominant markets in the world, its changing rules are a matter of interest for both lawmakers in neighboring markets and merchants looking to expand into the country.

On November 19, 2019, the Belfer Center’s Economic Diplomacy Initiative hosted a national security crisis simulation in the JFK Jr. Forum to a packed audience from the Harvard and MIT communities. 

Drawing on the experience of Belfer Center members who have served in the highest levels of the U.S. government, the event explored the nexus of U.S. economic power and its national security interests.

For decades, Singapore has been a premier refinery hub and gatekeeper between Asia and the Middle East, but its position is increasingly threatened as producer countries are shifting into the downstream activities that helped make Singapore the “Houston of Asia”. Oil and petrochemicals drive about one quarter of Singapore’s net exports. Greater competition in the global oil and gas value chain could take a heavy toll on the city-state’s national budget and economic growth prospects.

The 70th anniversary of the People's Republic of China was not a birthday I felt like celebrating.

As Dutch historian Frank Dikotter has shown in his searing three-volume history of the Mao Zedong era, the Communist regime claimed the lives of tens of millions of people: 2 million in the revolution between 1949 and 1951, another 3 million by the end of the 1950s, up to 45 million in the man-made famine known as the "Great Leap Forward," and yet more in the mayhem of the Cultural Revolution, Mao's campaign against the intelligentsia, which escalated into a civil war.

Australia has become the complacent country. Complacent about its future economic competitiveness. Complacent about climate change. Complacent about how to navigate our future in the region given China’s rise, America’s response and a neighbourhood increasingly torn between the two. Complacent too about the gradual erosion of our democracy itself through a growing “pay for play” culture from financial donations to political parties, an increasing assault on the independence of the public service and the abuse of monopolistic media power.

The idea of a Swiss sovereign wealth fund (SWF) which could use a part of the country’s massive reserves for investments arose after Switzerland had established in 2011 its currency link to the Euro. Since then various sovereign wealth options have been discussed, from a SWF with a savings mandate to a fund with a strategic investment mandate, a private equity-type fund that invests in technology start-ups and protects against hostile foreign takeovers of strategic companies.