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The "Half-Myth" of Taiwan Inc. (2024 Update)

Just as in Korea, Taiwan has a "dead" economy at home and not much excitement abroad. Domestic consumption and investment in Taiwan have been essentially flat for 20 years, with no sign of life today. And it export sector has consistently failed to outperform the EM average.

However, there are two key differences that set Taiwan apart.

The first is its "global" equity composition. Taiwan's listed market has an enormous share of IT, transport and other sectors that have nothing to do with the local economy and trade in line with international comparators. As a result, there's little correlation between Taiwan macro and equity performance, especially over the past half-decade.

The second is its massive external surpluses. The NTD is indeed a defensive currency ... albeit with what are now the world's lowest interest rates.
 

The "Half-Myth" of Taiwan Inc. (2024 Update Webcast)

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