The Global Economy in Turbulent Times

1027 Pages·2015·6.4 MB·English

by  See-Yan Lin

Advance Praise
“Every country has its star institutional builders. Tan Sri Lin is a truly brilliant institu-
tional builder and doer from his days as central banker, architect to the design and
strengthening of Malaysia’s fi nancial system and advisor to all prime ministers. His
masterly analysis of domestic and global events show through in his clear writings
in this book, passionately written with verve, practical to a fault, and wonderfully
told—from the biggest picture to the smallest institutional detail. Only one who has
done it before fi rsthand knows how the system works, what to do, and how to fi x
it. No Asian writer has his command and authority on emerging market economic
development from the ground up. This is truly the work of a master, teacher, and
mentor—to be read and enjoyed by students and policy makers alike.”
Andrew Sheng, Chief Adviser to the China Banking
Regulatory Commission and former Chairman,
Securities & Futures Commission, Hong Kong
“The style of the writing in this book will allow even a person who is not knowl-
edgeable in fi nance or economics to comprehend the subject and enjoy reading the
book. The topics covered are related to current issues and are l oaded with lessons
and advice. This book should be read by anyone wanting to make economic sense
of the happenings in the fi nancial markets and their effect on our lives.”
Tun Ahmad Sarji, Chairman, PNB
(Permodalan Nasional Malaysia) and
former Chief Secretary to the Government of Malaysia
“When it comes to economics, I am very much a layman. That’s why I have turned
to my learned friend See-Yan’s fortnightly column, and they have enabled me to
make sense of what is going on around me. Now that they are compiled into a book,
I would recommend it to all laymen like me who want to understand the forces at
play that make us go up or down economically.”
Tun Mohammed Hanif Omar, Deputy Chairman,
Genting Group and former Inspector-General of Police, Malaysia
“Essays on global economic and fi nancial events are usually full of jargon that would
put off most people after reading a few paragraphs. See-Yan cleans up the jargon
and makes the concepts more comprehensible. Whether you are a student, aca-
demic, corporate executive, public offi cial, or just a curious global citizen, See-Yan
can help you relate to issues of global importance, and understand ‘what are we to
do’ in our respective roles.”
Sidek Hassan, Chairman, PETRONAS (Petroliam
Nasional Malaysia) and former Chief Secretary
to the Government of Malaysia
“Professor Lin’s depth of knowledge and breadth of new strategic ideas are drawn
from his extensive research and illustrative insights into management and leader-
ship from a deep variety and culture of model practices. I would like to recommend
to locals, world readers, and professionals, both in the public and private sectors,
especially the banking sector, to read this book for its superior insights and superior
execution.”
Thong Yaw Hong, Co-Chairman, Public Bank Malaysia
and Chairman, Prime Minister’s Economic Council
Working Group
“Tan Sri Lin’s essay collection covers one of the most epochal periods for both the
global economy and Malaysia’s ongoing development journey. This backdrop gives
See-Yan a rich and dramatic canvas to apply his sharp mind and deep experience.
Dr. Lin indeed lived and lit up for us such interesting times with much gusto and
in doing so brought the world to Malaysia and some of Malaysia to the world. This
book is an indispensable record and compendium of a pivotal period, from one of
the granddaddies of economic analysis in our region.”
Azman Mokhtar, Managing Director,
Khazanah Nasional (Sovereign Wealth Fund)
“See-Yan is a brilliant economist with a special knack for translating the complex
into simple language. His objective economic analysis and his insights have helped
us to better assess opportunities and anticipate challenges. This compendium of his
essays, written for the noneconomist, will prove useful for any business leader or
professional who desires to be more aware of the economic forces shaping the world
today, especially fast-paced Asia.”
Tan Chin Nam, entrepreneur and property developer, and
Honorary Life President, IGB Corporation Malaysia
“Professor Lin’s insightful commentary will appeal to professors and students of eco-
nomics. This highly readable book will serve as a useful reference for anyone seeking
to understand economics from a global perspective. Tan Sri Lin, an accomplished
economist, takes a bold stand on the many economic issues that he vividly portrays
in the book. His balanced narrative offers ample room for the reader to arrive at his
own solution to the ills affl icting the global economy.”
Noor Azlan Ghazali, Vice Chancellor & Professor of Economics,
Universiti Kebangsaan Malaysia
“Having studied at Harvard University, and being part of the much decorated Bank
Negara’s top management during a period in which Malaysia had to confront several
tumultuous fi nancial turmoils, Lin See-Yan’s knowledge and experience shines in
this gem. The book is a synthesis of concepts and policies that blend with reality.
While students and academics of monetary economics will benefi t enormously from
the breadth and depth of the analysis, it is a must-read for the nonspecialists as its
presentation is simple, clear, and crisp.”
Rajah Rasiah, Rajawali Fellow, Ash Center, Harvard Kennedy School,
Harvard University and Professor of Economics and
Technology Management, University of Malaya
“This book by one of Malaysia’s most distinguished economists should be read by all
in the Malaysian Economic Association and all academic staff for its deep analysis of
how the country dealt with its macroeconomic policy at the most crucial moments.”
Sheriff Kassim, President, Malaysian Economic Association and
former Secretary-General, Ministry of Finance, Malaysia

The Global Economy in
Turbulent Times
LIN SEE-YAN
Cover images: Illustration © LAT 2014; Stormy sky © Michal Koziarski/iStockphoto
Cover design: Wiley
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To
Emily NH AMN
Hsiu-Yi Foong-Yi Diaan-Yi Jo-Yi
& Kevin & Tom & KY
And
Ashley Xuan Zoe Qin
Joshua Di
The Loves of My Life