Markets
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Episode 165
Featuring Paul McNamara
Demetri Kofinas speaks with asset manager Paul McNamara about the macroeconomic and political forces driving the recovery in emerging markets with a particular focus on the Turkish economy and the Turkish Lira.

In Episode 165 of Hidden Forces, Demetri Kofinas speaks with Paul McNamara, an Investment Director at global asset manager GAM who serves as the company’s lead manager on hedge fund, emerging market bond and currency long-only strategies.

The first half of this conversation focuses on the macro forces driving EM overall, including how the latest vaccines could affect the global recovery and the service and export sectors in emerging markets, the global debt picture and its impact on economic recovery, the resumption of trade, etc.

The second half of our conversation focuses exclusively on one emerging market country in particular: Turkey. Turkey is a uniquely important country, not least because of its geostrategic positioning as a gateway between east and west, straddling multiple important theatres of conflict, diplomacy, and trade that matter greatly to all the major powers, including the United States.

What happens to Turkey’s economy, the country’s ability to service its debts, and the value of its currency are materially important for its geopolitical stability and for the stability of its neighbors and NATO allies.

To that effect, we examine some of the latest government-family drama in Turkey involving the president’s son-in-law Berat Albayrak and the significance of his ouster as Minister of Finance and Treasury, along with the implications for Turkey’s economy. We also discuss the recent 475 basis point rate hike by the Turkish central bank and what this means for the economy, domestic bank lending, and the value of the Lira going forward. 

Lastly, given the turmoil in relations between Turkey, the US, and Europe, it’s an open question as to how an incoming Biden administration will deal with this important NATO ally and if sanctions could be used against Ankara in the event that diplomatic headway isn’t made and Turkey’s president continues to go his own way on issues that are vital to both the US and Europe.

You can access the episode overtime, as well as the transcript and rundown to this week’s episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

Subscribe & Support the Podcast at https://patreon.com/hiddenforces 

Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Episode Recorded on 11/19/2020

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Episode 163
Featuring Fareed Zakaria
Episode 163
Featuring Fareed Zakaria

Paul McNamara is an Investment Director and is the lead manager on emerging market bond and currency long-only and hedge fund strategies. He joined GAM following its acquisition of the fixed income and foreign exchange specialist, Augustus, in May 2009, where he started managing most of the funds he runs to date. He joined Augustus (then Julius Baer Investments Limited) in 1997 from the Export Credits Guarantee department of the UK Government Economic Service, where he was an economist. He began his career as a lecturer. Paul McNamara holds an MSc in Economics from the London School of Economics and is a CFA charterholder. He is based in London.

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Morbi interdum mollis sapien. Sed ac risus. Phasellus lacinia, magna a ullamcorper laoreet, lectus arcu pulvinar risus, vitae facilisis libero dolor a purus. Sed vel lacus. Mauris nibh felis, adipiscing varius, adipiscing in, lacinia vel, tellus. Suspendisse ac urna. Etiam pellentesque mauris ut lectus. Nunc tellus ante, mattis eget, gravida vitae, ultricies ac, leo. Integer leo pede, ornare a, lacinia eu, vulputate vel, nisl.

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