The only game in town : central banks, instability, and avoiding the next collapse / Mohamed A. El-Erian.

Format:

Book

Author/Creator:

El-Erian, Mohamed A., 1958- author.

Contributor:

EBSCOhost.

Lippincott Library Book Endowment Fund.

Language:

English

Subjects (All):

Banks and banking, Central.

Monetary policy.

Economic policy.

Physical Description:

1 online resource (xxix, 299 pages) : illustrations

Place of Publication:

New York : Random House, 2017.

System Details:

text file

Summary:

One of the world's most influential economic thinkers casts his gaze toward the future of the global economy, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with the central banks' response to the 2008 global crisis, Dr. Mohamed A. El-Erian explains how and why they became the critical policy actors-and, most important, why they cannot continue in this role alone. They saved the financial system from collapse in 2008 and a multilayer economic depression but lack the tools to enable a return to high inclusive growth and durable financial stability. Meanwhile, the collateral damage and unintended consequences of their unconventional policies have started to offset the short term benefits. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economics and distorts the financial sector-before we stumble into another crisis. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future. Book jacket.

Contents:

Part I. The why, how, and what of this book. Setting the stage ; The only game in town ; Central banks' communication challenge ; How and why this book is organized - Part II. Context: the rise, collapse, and resurrection of central banking. The golden age of central banks and "bubblish finance": a brief historical perspective ; Cascading failures ; Central bank resurrection: durable or a dead cat bounce?

Part III. From the what to the so what. Setting the stage: the ten big challenges ; The quest of a generation: sustaining inclusive growth ; Reducing the risk of the unemployed becoming unemployable ; The inequality trifecta ; The persistent trust deficit ; National political dysfunction ; The "G-O": slide into the "international economic non-system" ; The migration and morphing of financial risk ; The liquidity delusion ; Bridging the gap between markets and fundamentals ; It is hard to be a good house in a challenged neighborhood - Part VI. The desirable way forward. Addressing the ten big challenges: dealing with willing central banks that lack sufficient tools ; The reduced-form approach to a grand policy design - Part V. From what should happen to what is likely to happen. When desirable and feasible differ ; Turning paralyzing complexity into actionable simplicity ; The belly of the distribution of potential outcomes ; A world of greater divergence(I): multi-speed growth ; A world of greater divergence (II): multi-track central banks ; A world of greater divergence (III): non-economic, non-policy headwinds ; A world of greater divergence (IV): disruptive innovation goes macro ; Putting it all together - Part VI. The keys to navigating a bimodal distribution. What history tells us ; Recognizing blind spots and overcoming biases ; Advancing and enhancing cognitive diversity ; Translating awareness into optionality, resilience, and agility ; The power of scenario analyses ; Valuing liquidity and optionality - Part III. Bringing it all together. In Sum.

Notes:

Includes bibliographical references (pages 271-286) and index.

Electronic reproduction. Ipswich, MA Available via World Wide Web.

Description based on print version record.

Local Notes:

Acquired for the Penn Libraries with assistance from the Lippincott Library Book Endowment Fund.

ISBN:

9780812997637

0812997638

Publisher Number:

99984025232

Access Restriction:

Restricted for use by site license.