Speaker Biography

Welcome Remarks

Ravi Menon photo

RAVI MENON

Managing Director, Monetary Authority of Singapore

Mr Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011. He was previously Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF).

Mr Menon began his career at MAS in 1987. During his 16 years in MAS, he was involved in monetary policy; econometric forecasting; organisational development; banking regulation and liberalisation; and integrated supervision of complex financial institutions. Mr Menon spent a year at the Bank for International Settlements in Basel, as a member of the secretariat to the Financial Stability Forum. A recipient of the Singapore Government's Meritorious Service Medal and Public Administration (Gold) Medal, Mr Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Mr Menon is a member of the Financial Stability Board (FSB) Steering Committee.

Mr Menon holds a Master's in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.

Day 1

Welcome Event for MAS Golden Jubilee: PIIE-LKYSPP-MAS Joint Lecture
"Is it possible for humanity to cooperate in delivering global public goods?"

Martin Wolf Photo

MARTIN WOLF

Chief Economics Commentator, Financial Times

Martin Wolf is Chief Economics Commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000. He was a member of the UK government’s Independent Commission on Banking between June 2010 and September 2011.
He is an honorary fellow of Nuffield College, Oxford and King’s College, London.  He has received honorary doctorates from six universities, including the London School of Economics. He is a University Global Fellow of Columbia University, New York. Mr Wolf won the Ludwig Erhard Prize for economic commentary for 2009, the 33rd Ischia International Journalism Prize in 2012,  the Overseas Press Club of America’s prize for “best commentary on international news in any medium” for 2013 and the 2019 Lifetime Achievement Award at the Gerald Loeb Awards. His most recent book is The Shifts and The Shocks: What we’ve learned – and have still to learn – from the financial crisis.
Danny Quah Photo

DANNY QUAH

Dean and Li Ka Shing Professor in Economics, Lee Kuan Yew School of Public Policy, National University of Singapore

Danny Quah is Li Ka Shing Professor in Economics and Dean at the Lee Kuan Yew School of Public Policy, NUS. His research on inequality and income mobility characterises the range of experiences across economies to suggest that a single narrative on inequality is unlikely to be correct or helpful. 
His work on world order takes an economic approach to international systems, studying the supply and demand of world order: what international system do the world’s superpowers wish to provide; what world order does the global community need?

Quah is a Commissioner on the Spence-Stiglitz Commission on Global Economic Transformation and serves on the Executive Committee, International Economic Association; the Advisory Board, LSE IDEAS; the Eminent Advisory Council of the UNDP Bureau for Asia-Pacific; and the World Economic Forum’s Global Future Council for Geopolitics.

He is the author of “The Global Economy’s Shifting Centre of Gravity”.

Day 2

Monetary Policy: Expanded Tools, Evolving Targets, Broader Mandates

Haruhiko Kuroda Photo

HARUHIKO KURODA

Governor, Bank of Japan

Haruhiko Kuroda was appointed Governor of the Bank of Japan in March 2013 after serving for eight years as President of the Asian Development Bank. Prior to his position at the ADB, Mr. Kuroda was Special Adviser to the Cabinet of Prime Minister Koizumi, while he was Professor at Hitotsubashi University in Tokyo from 2003 to 2005.
During his career at Japan's Ministry of Finance from 1967 to 2003, Mr. Kuroda’s responsibilities encompassed fields including international finance and tax policies. From 1999 to 2003, he represented the Ministry as Vice Minister of Finance for International Affairs at numerous international monetary conferences such as the G7 and G20 meetings. Mr. Kuroda holds a Bachelor of Arts in Law from The University of Tokyo, and a Master of Philosophy in Economics from University of Oxford.
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KENNETH ROGOFF

Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University

Kenneth Rogoff is Thomas D. Cabot Professor at Harvard University. From 2001–2003, Rogoff served as Chief Economist at the International Monetary Fund. His widely-cited 2009 book with Carmen Reinhart, This Time Is Different: Eight Centuries of Financial Folly, shows the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. 
Rogoff is also known for his seminal work on exchange rates and on central bank independence. Together with Maurice Obstfeld, he is co-author of Foundations of International Macroeconomics, a treatise that has also become a widely-used graduate text in the field worldwide. Rogoff’s 2016 book The Curse of Cash looks at the past, present and future of currency from standardized coinage to crypto-currencies. The book argues that although much of modern macroeconomics abstracts from the nature of currency, it is in fact lies at the heart of some of the most fundamental problems in monetary policy and public finance. His monthly syndicated column on global economic issues is published in over 50 countries.
Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty, and He is a senior fellow at the Council on Foreign Relations. Rogoff is among the top ten on RePEc’s ranking of economists by scholarly citations. He is also an international grandmaster of chess.
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BARRY EICHENGREEN

George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997).
Professor Eichengreen has held Guggenhim and Fulbright Fellowships and been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). From 2004 to 2020 he served as convener of the Bellagio Group of academics and officials. He is a regular monthly columnist for Project Syndicate.

His most recent books are In Defense of Public Debt with Asmaa El-Ganainy, Rui Esteves and Kris Mitchener (Oxford University Press 2021), The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (Oxford University Press, 2018), How Global Currencies Work: Past, Present, and Future with Livia Chitu and Arnaud Mehl (November 2017), The Korean Economy: From a Miraculous Past to a Sustainable Future with Wonhyuk Lim, Yung Chul Park and Dwight H. Perkins (March 2015), Renminbi Internationalization: Achievements, Prospects, and Challenges, with Masahiro Kawai (February 2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses--and Misuses--of History (January 2015), From Miracle to Maturity: The Growth of the Korean Economy with Dwight H. Perkins and Kwanho Shin (2012) and Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (2011) (shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Award in 2011).

Professor Eichengreen was awarded the Economic History Association's Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division's Distinguished Teaching Award in 2004. He is the recipient of a doctor honoris causa from the American University in Paris, and the 2010 recipient of the Schumpeter Prize from the International Schumpeter Society. He was named one of Foreign Policy Magazine 's 100 Leading Global Thinkers in 2011. He is a past president of the Economic History Association (2010-11 academic year).
Adam Posen Photo

ADAM POSEN

President, Peterson Institute for International Economics

Adam S. Posen is president of the Peterson Institute for International Economics. From 2009 to 2012, Posen served as an external voting member of the Bank of England's Monetary Policy Committee. 
He co-authored Inflation Targeting with Bernanke, Laubach, and Mishkin while an economist at the Federal Reserve Bank of New York (1994-97). He is also the author of widely cited studies on central bank independence, Japanese monetary policy, and the political economy of the euro.  He received his BA and PhD from Harvard University.

Financial Stability: Where Have the Risks Gone and How to Address Them? 

Tobias Adrian Photo

TOBIAS ADRIAN

Financial Counsellor and Director, International Monetary Fund

Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, he leads the IMF’s work on financial sector surveillance, monetary and macroprudential policies, financial regulation, bank resolution, debt management, and capital markets.
He also oversees capacity building activities in IMF member countries with regard to the supervision and regulation of financial systems, bank resolution, central banking, monetary and exchange rate regimes, and debt management. 

Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. At the Federal Reserve, he contributed to monetary policy, financial stability policies, and to crisis management. 

Mr. Adrian has published extensively in economics and finance journals, including the American Economic Review and the Journal of Finance. His research spans asset pricing, financial institutions, monetary policy, and financial stability, with a focus on aggregate consequences of capital markets developments. He has taught at Princeton University and New York University. He is member of the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics. 

Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg. 
Raghuram Rajan Photo

RAGHURAM RAJAN

Katherine Dusak Miller Distinguished Service Professor of Finance, University of Chicago

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund.
Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. The books he has written include The Third Pillar: How the State and Markets are leaving Communities Behind 2019, I do What I do: On Reform, Rhetoric, and Resolve, 2017, and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016.
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PAUL TUCKER

Fellow, Harvard Kennedy School, Harvard University

Sir Paul Tucker is a research fellow at the Harvard Kennedy School, and author of Unelected Power (Princeton University Press, 2018). His new book, provisionally titled Global Discord, is due out next year.
His other activities include being a senior fellow at the Center for European Studies at Harvard University; president of the UK’s National Institute for Economic and Social Research; research fellow at UCL’s political science department; a director at Swiss Re; and a Governor of the Ditchley Foundation. He was a central banker for over thirty years at the Bank of England and Basel, where he was a member of the steering committee of the G20 Financial Stability Board, leading its work on resolving too-big-to-fail firms without taxpayer bailouts, chaired the Committee for Payment and Settlement Systems, and was a member of the board of the Bank for International Settlements. He chaired the Systemic Risk Council from 2016 to mid-2021.
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MARKUS BRUNNERMEIER

Edwards S. Sanford Professor of Economics, Princeton University

Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University. He is a faculty member of the Department of Economics and director of Princeton's Bendheim Center for Finance. He is also a research associate at NBER, CEPR, and CESifo and a member of the Bellagio Group on the International Economy. 
He is a Sloan Research Fellow, Fellow of the Econometric Society, Guggenheim Fellow  and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance. He is/was a member of several advisory groups, including to the IMF, the Federal Reserve of New York, the European Systemic Risk Board, the Bundesbank and the U.S. Congressional Budget Office. Brunnermeier was awarded his Ph.D. by the London School of Economics (LSE). 

His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioral elements. He has been awarded  several best paper prizes and served on the editorial boards of several leading economics and finance journals. He has tried to establish the concepts: liquidity spirals, CoVaR as systemic risk measure, the Volatility Paradox, Paradox of Prudence, ESBies, financial dominance, the redistributive monetary policy, the Reversal Rate, and Digital Currency Areas.

Book Launch: “A History of Money in Singapore” 

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CLEMENT LIEW

Author

Clement Liew heads the heritage firm Signum Fidei, researching and writing on local history and heritage matters. He has been in the heritage field since the mid-1990s, gaining an MA at the National University of Singapore and a PhD in Singapore History (Colonial Urban History) at the Nanyang Technological University (National Institute of Education). 
He started his career as a teacher before going into the academic field. Among his many activities in the field of archival research, he was responsible for conceptualising content development, building and managing the Ministry of Education Heritage Centre. 
Peter Wilson Photo

PETER WILSON

Author

Peter Wilson has been a Consultant for the Economic Policy Group at the Monetary Authority of Singapore since 2004 and is a Trainer in Economic and Monetary Policy at the MAS Academy. From 2012 to 2017 he was a Consultant to the ASEAN+3 Macroeconomic Research Office located in Singapore.
Peter was a ‘small boy’ in Malaya from 1956 to 1958 where his father was a Warrant Officer at ‘Rasa Camp’ in Seremban. He returned to Seremban in 1988 to teach at MARA College on Secondment for the British Universities Northern Consortium. Peter is a Permanent Resident of Singapore and was an Associate Professor in the Economics Department at the National University of Singapore where he taught from 1989 to 2007 having previously taught at the Universities of Warwick, Sussex, Bradford and Hull in the UK and as a Visiting Professor at Chulalongkorn University in Bangkok. More recently he has been an Adjunct at Singapore Management University and the Paris-based Ecoles Superieure des Sciences Economiques et Commerciales (ESSEC) in Singapore. He has written extensively on Singapore and has just published, with Euston Quah, a Third Asian Edition of Gregory Mankiw’s Principles of Economics.
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JOHN N. MIKSIC

Emeritus Professor, Southeast Asian Studies Department, National University of Singapore

John N. is emeritus professor in the Southeast Asian Studies Department of the National University of Singapore and senior research fellow at the School of Humanities, Nanyang Technological University.
 His book Singapore and the Silk Road of the Sea won the inaugural award for best book on Singapore history in 2018. His specialties include historical archaeology of Southeast Asia, urbanization, trade, ancient Southeast Asian Buddhism, and ceramics of Southeast Asia and China.
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TIMOTHY AUGER

Editorial Consultant and Project Coordinator

Since graduating at Oxford, Timothy Auger has spent almost all his working life in book publishing. He was editorial director of a UK publisher for ten years before moving in 1996 to Singapore, where he worked in a similar role for the Singapore-based firm EDM until 2008. 
Since then he has operated independently via his own company, Link Editorial. He has commissioned, project-managed, edited and/or authored numerous highly regarded books on Singapore, the region, and elsewhere. He has overseen several corporate histories, including four commissioned by leading banks. He worked closely with Singapore's late President SR Nathan on the latter's memoirs, 'An Unexpected Journey'. 

Eclectic Approaches to Addressing Macro-Financial Risks: Perspectives from ASEAN 

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PERRY WARJIYO

Governor, Bank Indonesia

Dr. Perry Warjiyo was born in Sukoharjo, Indonesia in 1959. He received a bachelor degree in Accounting in 1982 from Universitas Gadjah Mada , a master degree in 1989 and PhD degree in 1991 both in Monetary and International Finance from Iowa State University.
Dr. Perry has officially served as the Governor of Bank Indonesia since May 24th, 2018. Before serving as the Governor of Bank Indonesia, he was the Deputy Governor of Bank Indonesia from 2013-2018 for monetary policy, international policy, sharia economics and finance, and financial market deepening. Prior to this position, Dr. Perry served as the Assistant Governor for monetary, macroprudential, and international policy, the post he had held after the Executive Director of Economic Research and Monetary Policy Department, Bank Indonesia since 2009. Before re-joining Bank Indonesia since July 2009, he had served for two years as the Executive Director in the International Monetary Fund (IMF), representing the 13 member countries in the South-East Asia Voting Group (SEAVG). He has a long-standing career in Bank Indonesia in the areas of economic research and monetary policy, central banking studies and training, office of the Governors, monetary policy strategy and organization transformation, foreign exchange management, and international issues.

Dr. Perry is also an extramural lecturer in the post-graduate studies at the University of Indonesia, a distinguished lecturer on international economics and monetary economics at Gadjah Mada University, and a visiting lecturer at a number of reputable universities in Indonesia and abroad including University of Sydney. In addition, he has authored and published a number of books, journals, and papers on economy, monetary, and international issues. His latest book of Central Bank Policy: Theory and Practice was currently published by Emerald Publishing Limited in July 2019. He has also delivered numerous high-level keynote speeches that have influenced public policy around the globe.
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NOR SHAMSIAH MOHD YUNUS

Governor, Bank Negara Malaysia

Ms. Nor Shamsiah is the 9th Governor of Bank Negara Malaysia (BNM), assuming office on 1 July 2018. She chairs Monetary Policy Committee, the Financial Stability Committee, the Financial Stability Executive Committee and BNM’s Board of Directors. 
Ms. Nor Shamsiah joined BNM in 1987 and has served in various areas including prudential regulations, financial intelligence and enforcement, talent management, finance and supervision. She was involved in the financial sector resolution initiatives during the Asian financial crisis. As Deputy Governor, she also represented BNM in the Basel Committee on Banking Supervision and the Financial Action Task Force.

She also served as Assistant Director of the Monetary and Capital Markets Division of the IMF.

Ms. Nor Shamsiah graduated from the University of South Australia with a Bachelor of Arts in Accountancy and is a Certified Practising Accountant.
Sethaput Suthiwartnarueput Photo

SETHAPUT SUTHIWARTNARUEPUT

Governor, Bank of Thailand

Sethaput Suthiwartnarueput is the 24th Governor of the Bank of Thailand and board member for the National Economic and Social Development Council, the Securities and Exchange Commission, and the Insurance Commission.
Sethaput has extensive experience in economics, policy and financial markets. He has held senior positions with the Siam Commercial Bank group; the Stock Exchange of Thailand; and the Ministry of Finance, and has served on the Board of Directors at PTT Exploration and Production, Osotspa, TMB Bank, and the Bank of Thailand, where he was also on the Monetary Policy Committee.

Prior to returning to Thailand, he was with the World Bank in Washington, DC and McKinsey & Co. in New York. Sethaput received his BA with highest honors from Swarthmore College and his M. Phil and Ph.D. in economics from Yale University.
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RAVI MENON

Managing Director, Monetary Authority of Singapore

Mr Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011. He was previously Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF).
Mr Menon began his career at MAS in 1987. During his 16 years in MAS, he was involved in monetary policy; econometric forecasting; organisational development; banking regulation and liberalisation; and integrated supervision of complex financial institutions. Mr Menon spent a year at the Bank for International Settlements in Basel, as a member of the secretariat to the Financial Stability Forum. A recipient of the Singapore Government's Meritorious Service Medal and Public Administration (Gold) Medal, Mr Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Mr Menon is a member of the Financial Stability Board (FSB) Steering Committee.

Mr Menon holds a Master's in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.
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AGUSTÍN CARSTENS

General Manager, Bank for International Settlements

Agustín Carstens became General Manager of the BIS on 1 December 2017. Mr Carstens was Governor of the Bank of Mexico from 2010 to 2017. A member of the BIS Board from 2011 to 2017, he was chair of the Global Economy Meeting and the Economic Consultative Council from 2013 until 2017. He also chaired the International Monetary and Financial Committee, the IMF's policy advisory committee from 2015 to 2017.
 
Mr Carstens began his career in 1980 at the Bank of Mexico. From 1999 to 2000, he was Executive Director at the IMF. He later served as Mexico’s deputy finance minister (2000–03) and as Deputy Managing Director at the IMF (2003–06). He was Mexico's finance minister from 2006 to 2009.

Mr Carstens has been a member of the Financial Stability Board since 2010 and is a member of the Group of Thirty.

Mr Carstens holds an MA and a PhD in economics from the University of Chicago.

The Role of Central Banks in National Economic and Social Policies

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MERVYN KING

Alan Greenspan Professor of Economics, NYU Stern Business School

Mervyn King served as Governor of the Bank of England from 2003 to June 2013.  He was knighted (GBE) in 2011, made a life peer in 2013, and appointed by The Queen to be a Knight of the Garter in 2014.
Lord King is the Alan Greenspan Professor of Economics and Professor of Law at New York University and Emeritus Professor of Economics at the London School of Economics.
In 2016 he published The End of Alchemy.  With a new preface, it appeared in paperback in 2017, and has been translated into many languages.  His new book (with John Kay) Radical Uncertainty was published in March 2020.

Born in 1948, Mervyn King studied at King’s College, Cambridge, and taught at Cambridge and Birmingham Universities before spells as Visiting Professor at both Harvard University and MIT.  From October 1984 he was Professor of Economics at the London School of Economics, where he founded the Financial Markets Group.  He is Chair of the Philharmonia Orchestra and a member of the House of Lords Economic Affairs Committee.
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THARMAN SHANMUGARATNAM

Senior Minister, Singapore and Chairman, MAS

Tharman is Senior Minister in Singapore, having served for several years as Deputy Prime Minister and Finance Minister. He is concurrently Chairman of the Monetary Authority of Singapore, the nation’s central bank and financial regulator. In addition, he is Deputy Chairman of GIC and chairs its Investment Strategies Committee.
Tharman is also Coordinating Minister for Social Policies, and chairs the National Jobs Council aimed at building skills and jobs in the wake of COVID-19. 

Tharman co-chairs the G20 High Level Independent Panel on financing pandemic security, together with Ngozi Okonjo-Iweala and Lawrence Summers, which recently released its recommendations. He earlier led the G20 Eminent Persons Group on Global Financial Governance, which in 2018 proposed reforms in development finance and the international monetary system for a more cooperative international order.

Tharman chairs the Group of Thirty, an independent global council of economic and financial leaders from the public and private sectors and academia. He also co-chairs the Global Education Forum, and the Advisory Board for the UN’s Human Development Report. He earlier chaired the International Monetary and Financial Committee (IMFC) for four years; he was its first Asian chair.

Tharman has spent his working life in public service, in roles principally related to economic and social policies. 
Danny Quah Photo

DANNY QUAH

Dean and Li Ka Shing Professor in Economics, Lee Kuan Yew School of Public Policy, National University of Singapore

Danny Quah is Li Ka Shing Professor in Economics and Dean at the Lee Kuan Yew School of Public Policy, NUS. His research on inequality and income mobility characterises the range of experiences across economies to suggest that a single narrative on inequality is unlikely to be correct or helpful. His work on world order takes an economic approach to international systems, studying the supply and demand of world order: what international system do the world’s superpowers wish to provide; what world order does the global community need?
Quah is a Commissioner on the Spence-Stiglitz Commission on Global Economic Transformation and serves on the Executive Committee, International Economic Association; the Advisory Board, LSE IDEAS; the Eminent Advisory Council of the UNDP Bureau for Asia-Pacific; and the World Economic Forum’s Global Future Council for Geopolitics.

He is the author of “The Global Economy’s Shifting Centre of Gravity”.