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The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

作者 : Mohamed A. El-Erian

出版社 : Penguin Random House LLC

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定價 : NT 699

售價 : NT699

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《大衝撞》作者Dr. Mohamed A. El-Erian重磅新作The Only Game in Town,在現今不穩定的經濟、躁動的金融市場中,提出小至個人大至企業、國家面臨的抉擇,為預防新一波的全球性金融海嘯提出肺腑建言。

這本書的副標,再好不過,誠實有力:中央銀行,不穩定,避免下一個崩潰。關於這個主題,只有他寫得最好。—Financial Times。

對美聯儲的限制提出警告。對於那些誰華府政治家不能有效地行事,作者的診斷是心寒。—The New York Times。

對全球金融,敲出警鐘。

紐約時報暢銷書作家博士Mohamed El-Erian,世界上最具影響力的經濟思想家之一,寫下當市場碰撞的路線圖,預知未來,要以什麼樣的決定與策略,才能避開下一個全球經濟和金融危機。

曾任國際貨幣基金組織經濟師、太平洋投資管理公司(Pimco)前主管的Mohamed El-Erian在本書直陳,雖然2008年的金融危機,看似各國央行在金融危機後成功阻止了一場全球性的經濟災難,避免了人類面臨巨大苦難,但依舊未能創造出西方世界真正需要的持久的、包容性的高增長與真正的金融穩定性,他認為,已經到了一個政策必須切換的時機,從貨幣政策開始改變,才能預防已經扭曲的金融業不會跌跌撞撞,再次進入另一場危機;然而令人驚懼的是,政客們已經變得依賴央行作為提供經濟刺激的主要來源,反而未能強力推行亟需的改革。
 這本書提醒讀者,全球經濟正快速接近一個轉折點,長期寬鬆的貨幣政策推高了資產價格,從而加大了貧富差距,長期失業率、對政府的信任喪失,以及未能協調實施經濟政策……作者苦口婆心,出色地描述了這些問題,為避免下一個崩潰所必須做好的應對準備。

Dr. Mohamed A. El-Erian, one of the world’s most influential economic thinkers and the New York Times and Wall Street Journal bestselling author of When Markets Collide, has written a roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis. Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.

In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis.

The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. 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. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
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