For more information contact: emailus@marcusevans.com An interview with: Paul Krugman, Nobel Prize Winner, Prolific Author & Op-Ed Columnist for The New York Times and a speaker at the APAC Investments Summit 2011, and European Pensions & Investments Summit 2011, shares his outlook for the future and what is in store for institutional investors. Join the 2015 Summit along with leading regional pension investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today. For more information contact: emailus@marcusevans.com

1. Paul Krugman Urges Investors to Learn Macroeconomics
and Reminds Us That Geography Matters
Paul Krugman, a speaker at the marcus evans APAC Investments Summit 2011 and
European Pensions & Investments Summit 2011, shares his outlook for the future and
what is in store for institutional investors.
Interview with: Paul Krugman, Nobel Prize Winner, Prolific Author & Op-Ed Columnist for
The New York Times
FOR IMMEDIATE RELEASE
“Learn macroeconomics,” says Paul Krugman, the world’s The relative optimism of the forecast of the British economy
preeminent economist and Nobel Prize winner. “The past few depends entirely on the expectation that households will take
years have demonstrated that macro events can dominate on even more debt. The question is will that not lead to
everything, that no matter how individual investments appear, another crisis? In my belief, the British government is failing to
investors still need to think about risks and look at the data of appreciate the extent to which further household balance
where the world is heading economically.” sheet problems can lead to even bigger trouble in the next
few years.
A keynote speaker at the marcus evans APAC Investments
Summit 2011 and European Pensions & Investments Summit What is your outlook for the future? What are your thoughts
2011, Krugman is a Professor of Economics at Princeton, an on emerging market investments?
Op-Ed columnist for The New York Times and author of
several books. He was awarded a Nobel Prize in recognition Paul Krugman: Investors need to prepare for a prolonged
for his contributions to New Trade Theory and New Economic period of economic weakness. I expect sluggish growth, high
Geography. Here, Krugman reflects on the lessons to draw unemployment, probably a return of deflationary pressures,
out of the recent economic crisis, and discusses emerging downward pressure on wages and low interest rates
market investments and the criticality of studying continuing for a long time – what we have now, but for
macroeconomics. longer than people can imagine.
How should New Trade Theory and New Economic Geography This is putting a lot of pressure on emerging markets, as funds
guide investors’ asset allocation decisions? are looking for higher returns. I am relatively in favour of
investing in emerging markets; they are in a much better
Paul Krugman: New Trade Theory and New Economic shape economically than many other markets. The effects of
Geography highlight how countries can prosper from the 2008 crisis are still very much with us in the West and in
international trade and how trade is shaped by economies of Japan, but emerging markets have emerged from it. However,
scale. Investors have to consider the role of market access; one way or another, the prices of what emerging markets
geography matters! produce will rise at some point, either through inflation or an
appreciation of their currencies.
What would you like institutional investors to have learnt from
the recent economic crisis? If you were to give one piece of advice to investors, what
would that be?
Paul Krugman: It seems investors have to re-learn the dangers
of leveraging every few generations. They can get what look Paul Krugman: Learn macroeconomics. The past few years
like good returns or performance by having a lot of leverage, have demonstrated that macro events can dominate
but that exposes them to risks. We need to be far more everything, that no matter how individual investments appear,
cautious of declaring economic success or victory too early, investors still need to think about risks and look at the data of
and look at the build-up of financial vulnerabilities. where the world is heading economically.
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