Morningstar Advisor - August/September 2009 - 24
Gray Matters Asia’s Way Forward By Andrew Sheng The financial crisis gives Asia a chance to strategically position itself in the new international financial architecture. Will Asia seize the opportunity? This article is an excerpt from a paper that was originally published by Caijing magazine in China in December 2008. It also includes excerpts from the third KB Lall Memorial Lecture, given by the author Feb. 7 at the Indian Council for Research on International Economic Relations in New Delhi. Future historians will compare the 2008 Great Global Credit Crisis with the 1930s’ Great Depression, which set in motion World War II and changed the financial landscape for nearly 80 years. Similarly, the current crisis is likely to cause major changes in economic theory, philosophical outlook, and institutional structure. This essay looks at three possible scenarios where China and East Asia could position themselves in the next decade. Because the success of economies hinges on governance, it is the quality of Chinese and Asian governance that will be severely tested in the coming years. A Historical Inflection Point point in the global market economy. Therefore, we must pose three significant questions. First, does this mark the peak of global capitalism? One thing at least is certain: The crisis put a question mark on the American dream that every individual, through his own labor and creativity, can have all that he wants. This could be true for individual Americans, who number less than 5% of world population, account for 25% of global GDP, and annually consume global resources (through the current account deficit) equivalent to 6% of GDP. Clearly, 2007-2008 marked an important turning 24 Morningstar Advisor August /September 2009
Morningstar Advisor - August/September 2009
Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2009
Morningstar Advisor - August/September 2009
New on MorninstarAdvisor.com
Letter from the Editor
Contributors
Are We at the Beginning of a New Small-Cap Era?
At Home Around the World
Staying Nimble
Investment Briefs
Asia's Way Forward
MPT Put Through the Wringer
Recession Rallies' Sweet Spot
What Makes Small Caps Tick
The Trick to Small Caps
Value Hound
Four Picks for the Present
Signs of Stabilization in the Housing Industry
The Not-Ready-for-High-Yield Players
Moats Around Small Castles
Mutual Fund Analyst Picks
50 Most Popular Equity ETFs
Undervalued Stocks
Most Popular Variable Annuities
New at Morningstar
The No in Innovation
Morningstar Advisor - August/September 2009 - Morningstar Advisor - August/September 2009
Morningstar Advisor - August/September 2009 - Cover2
Morningstar Advisor - August/September 2009 - 1
Morningstar Advisor - August/September 2009 - 2
Morningstar Advisor - August/September 2009 - 3
Morningstar Advisor - August/September 2009 - 4
Morningstar Advisor - August/September 2009 - 5
Morningstar Advisor - August/September 2009 - New on MorninstarAdvisor.com
Morningstar Advisor - August/September 2009 - 7
Morningstar Advisor - August/September 2009 - 8
Morningstar Advisor - August/September 2009 - Letter from the Editor
Morningstar Advisor - August/September 2009 - Contributors
Morningstar Advisor - August/September 2009 - 11
Morningstar Advisor - August/September 2009 - Are We at the Beginning of a New Small-Cap Era?
Morningstar Advisor - August/September 2009 - 13
Morningstar Advisor - August/September 2009 - At Home Around the World
Morningstar Advisor - August/September 2009 - 15
Morningstar Advisor - August/September 2009 - 16
Morningstar Advisor - August/September 2009 - Staying Nimble
Morningstar Advisor - August/September 2009 - 18
Morningstar Advisor - August/September 2009 - 19
Morningstar Advisor - August/September 2009 - Investment Briefs
Morningstar Advisor - August/September 2009 - 21
Morningstar Advisor - August/September 2009 - 22
Morningstar Advisor - August/September 2009 - 23
Morningstar Advisor - August/September 2009 - Asia's Way Forward
Morningstar Advisor - August/September 2009 - 25
Morningstar Advisor - August/September 2009 - 26
Morningstar Advisor - August/September 2009 - 27
Morningstar Advisor - August/September 2009 - 28
Morningstar Advisor - August/September 2009 - MPT Put Through the Wringer
Morningstar Advisor - August/September 2009 - 30
Morningstar Advisor - August/September 2009 - 31
Morningstar Advisor - August/September 2009 - 32
Morningstar Advisor - August/September 2009 - 33
Morningstar Advisor - August/September 2009 - 34
Morningstar Advisor - August/September 2009 - 35
Morningstar Advisor - August/September 2009 - Recession Rallies' Sweet Spot
Morningstar Advisor - August/September 2009 - 37
Morningstar Advisor - August/September 2009 - 38
Morningstar Advisor - August/September 2009 - 39
Morningstar Advisor - August/September 2009 - 40
Morningstar Advisor - August/September 2009 - 41
Morningstar Advisor - August/September 2009 - What Makes Small Caps Tick
Morningstar Advisor - August/September 2009 - 43
Morningstar Advisor - August/September 2009 - 44
Morningstar Advisor - August/September 2009 - 45
Morningstar Advisor - August/September 2009 - The Trick to Small Caps
Morningstar Advisor - August/September 2009 - 47
Morningstar Advisor - August/September 2009 - 48
Morningstar Advisor - August/September 2009 - 49
Morningstar Advisor - August/September 2009 - 50
Morningstar Advisor - August/September 2009 - 51
Morningstar Advisor - August/September 2009 - 52
Morningstar Advisor - August/September 2009 - Value Hound
Morningstar Advisor - August/September 2009 - 54
Morningstar Advisor - August/September 2009 - 55
Morningstar Advisor - August/September 2009 - Four Picks for the Present
Morningstar Advisor - August/September 2009 - 57
Morningstar Advisor - August/September 2009 - Signs of Stabilization in the Housing Industry
Morningstar Advisor - August/September 2009 - 59
Morningstar Advisor - August/September 2009 - 60
Morningstar Advisor - August/September 2009 - 61
Morningstar Advisor - August/September 2009 - The Not-Ready-for-High-Yield Players
Morningstar Advisor - August/September 2009 - 63
Morningstar Advisor - August/September 2009 - Moats Around Small Castles
Morningstar Advisor - August/September 2009 - 65
Morningstar Advisor - August/September 2009 - Mutual Fund Analyst Picks
Morningstar Advisor - August/September 2009 - 67
Morningstar Advisor - August/September 2009 - 68
Morningstar Advisor - August/September 2009 - 69
Morningstar Advisor - August/September 2009 - 50 Most Popular Equity ETFs
Morningstar Advisor - August/September 2009 - 71
Morningstar Advisor - August/September 2009 - Undervalued Stocks
Morningstar Advisor - August/September 2009 - 73
Morningstar Advisor - August/September 2009 - 74
Morningstar Advisor - August/September 2009 - 75
Morningstar Advisor - August/September 2009 - Most Popular Variable Annuities
Morningstar Advisor - August/September 2009 - 77
Morningstar Advisor - August/September 2009 - 78
Morningstar Advisor - August/September 2009 - New at Morningstar
Morningstar Advisor - August/September 2009 - The No in Innovation
Morningstar Advisor - August/September 2009 - Cover3
Morningstar Advisor - August/September 2009 - Cover4
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