Chief Economist, Aletheia Capital

Dr. Jim Walker

Jim Walker is the chief economist at Aletheia Analyst Network Limited, an independent research platform for the Asia Pacific region. Prior to joining Aletheia he was the founder and chief economist at Asianomics Group an economics and strategy research consultancy company formed in late 2007. 

Before establishing Asianomics he was the chief economist at CLSA Asia-Pacific Markets. He joined CLSA in late 1991. Over the years Dr Jim achieved numerous ‘best economist’ rankings in the Asiamoney, Institutional Investor and Greenwich surveys of fund managers. In 1995 he wrote about the prospect of Asia being forced off its de facto dollar peg “within the next two-three years”. The Asian Crisis, precipitated by the Thai baht devaluation, began in July 1997.

In recent years he is best known for forecasting the US 2007 downturn and financial sector meltdown in his series of ‘Apocalypse’ reports. He remains deeply sceptical of the prevailing wisdom in central banks’ approach to monetary policy.

Over the years he has also developed an approach to analysing Asian economies based on profit and credit cycles where the importance of investment spending as the driver of economic activity is explained.

Early in his career he worked in his native Scotland as a research fellow at the Fraser of Allander Institute for Research on the Scottish Economy, and then at The Royal Bank of Scotland’s Edinburgh headquarters. He holds a Bachelor of Arts Honours degree and a doctorate in economics from the University of Strathclyde, Glasgow.

Chief Economist

The Week that Was in ASEAN@Smartkarma - Rent Seeking, Poultry Plays, and Lippo Group Restructuring

Indonesia: Reforms Suffer Ahead of 2019 Polls

Indonesia and the Philippines - A Tale of Two Tightenings

Philippines: POGO in an Overheating Economy

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

Jakarta Stock Exchange Composite Index (JCI INDEX)

<p>First of all, Kung Hei Fat Choy and Saang Tai Gin Hon in the Year of the Earth Pig! As equity markets in Asia mostly take a break today we turn our attention to Indonesia.</p><p>When President Joko Widodo (Jokowi) took office in 2014 one of the first speeches he made to a foreign audience contained the claim that Indonesia was “open for business”. Fast-forward four years to December 2018 and the government’s announcement that its Negative Investment List (NIL) was being revised and that 54 sectors were to be opened to foreign investment. The president sticking to his word? Well, no. That policy lasted less than seven days – the list of sectors wasn’t even published – before the announcement came that it was under review. Cabinet ministers were scrapping with each other, private sector businesses were unhappy and Indonesia’s proclivity to retreat into its nationalist shell was on full show once again.</p>

First of all, Kung Hei Fat Choy and Saang Tai Gin Hon in the Year of the Earth Pig! As equity markets in Asia mostly take a break today we turn our attention to Indonesia.When President Joko Widodo (Jokowi) took office in 2014 one of the first speeches he made to a foreign audience contained the claim that Indonesia was “open for business”. Fast-forward four years to December 2018 and the government’s announcement that its Negative Investment List (NIL) was being revised and that 54 sectors were to be opened to foreign investment. The president sticking to his word? Well, no. That policy lasted less than seven days – the list of sectors wasn’t even published – before the announcement came that it was under review. Cabinet ministers were scrapping with each other, private sector businesses were unhappy and Indonesia’s proclivity to retreat into its nationalist shell was on full show once again.

Indonesia's Negative Investment List - “Open For Business” Is Lip-Service Only