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Stephen S. Roach

Stephen S. Roach

Writing for PS since 2011
149 commentaries
1 videos & podcasts

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China (Yale University Press, 2014) and Accidental Conflict: America, China, and the Clash of False Narratives (Yale University Press, 2022).

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  1. Sleepwalking Toward Accidental Conflict
    roach150_Hum ImagesUniversal Images Group via Getty Images_USnavy Hum Images/Universal Images Group via Getty Images

    Sleepwalking Toward Accidental Conflict

    Feb 27, 2023 Stephen S. Roach compares current geopolitical conditions in Europe and Asia to the run-up to World War I.

  2. The Sino-American Tech Trap
    roach149_ZHONG MIN Feature ChinaFuture Publishing via Getty Images_china tech ZHONG MIN/ Feature China/Future Publishing via Getty Images

    The Sino-American Tech Trap

    Jan 24, 2023 Stephen S. Roach warns that relying on export restrictions without boosting R&D spending is a losing formula for the US.

  3. A China Optimist’s Lament
    roach148_ JOHANNES EISELEAFP via Getty Images_chinashanghai Johannes Eisele/AFP via Getty Images

    A China Optimist’s Lament

    Dec 22, 2022 Stephen S. Roach used to tout the world's greatest growth story, until the political economy of autocracy spoiled the plot.

  4. A Missed Opportunity in Bali
    roach147_SAUL LOEBAFP via Getty Images_bidenxi Saul Loeb/AFP via Getty Images

    A Missed Opportunity in Bali

    Nov 28, 2022 Stephen S. Roach explains why the Biden-Xi summit yielded little more than lofty rhetoric – and proposes a new approach.

  5. Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more
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    Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more

    Nov 1, 2022 Stephen S. Roach says the US Federal Reserve remains mired in the quicksand of excessive monetary accommodation, warns the Communist Party of China against “premature overreach,” proposes a three-pronged strategy for easing Sino-American tensions, and more.

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  1. buiter45_Jabin BotsfordThe Washington Post via Getty Image_jeromepowell Jabin Botsford/The Washington Post via Getty Images
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    Price Stability vs. Financial Stability?

    Willem H. Buiter

    If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.

     thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
  2. frankel145_ Richard Baker In Pictures via Getty Images_exchangerates Richard Baker/In Pictures via Getty Images
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    Fifty Years of Floating Currencies

    Jeffrey Frankel explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
  3. harrington34_Drew AngererGetty Images_avril haines Drew Angerer/Getty Images
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    What Do America’s Spies Really Think About China?

    Kent Harrington thinks the intelligence community’s annual threat assessment should have delved deeper on the issue.
  4. grafton2_ SIMON MAINAAFP via Getty Images_water SIMON MAINA/AFP via Getty Images
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    Waking Up to the World’s Water Crisis

    Quentin Grafton, et al. see three overarching priorities for the first global water conference in almost a half-century.
  5. benami199_BULENT KILICAFP via Getty Images_ukraine BULENT KILIC/AFP via Getty Images
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    Peace Requires Betrayal

    Shlomo Ben-Ami shows why Ukraine and Russia will most likely have to pursue an unpopular endgame to stop the bloodshed.
  6. reichlin29_David L. RyanThe Boston Globe via Getty Images_svb David L. Ryan/The Boston Globe via Getty Images
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    Lessons from the SVB Collapse

    Lucrezia Reichlin

    Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.

     considers what the bank’s failure should mean for the current financial-stability framework.
  7. foglia4_kentohGetty Images_bankingregulations kentoh/Getty Images
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    It’s the Banking Regulations, Stupid

    Antonio Foglia traces the Silicon Valley Bank failure back to fundamental flaws in the prevailing governance framework.
  8. mazzucato52_Mario TamaGetty Images_water agriculture drought Mario Tama/Getty Images
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    Confronting the Global Water Crisis

    Mariana Mazzucato, et al. offer a seven-point blueprint for preserving one of the planet’s most important natural systems.
  9. op_haass3_Chris HondrosGetty Images_iraqwar Chris Hondros/Getty Images
    10

    Revisiting America’s War of Choice in Iraq

    Richard Haass considers the enduring lessons from a foreign intervention that was both ill-conceived and poorly executed.

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