Oracles, Heroes or Villains: Economic Policymakers, National Politicians and the Power to Shape Markets (Hardcover) (ISBN-13: 9781108493987)

IMF Managing Director Christine Lagarde declared central bankers and finance ministers to be the heroes of recent economic crises for taking corrective action while national politicians squabbled. What enabled them to do so? In the wake of Brexit, chaotic trade policies in the United States, and resurgent nationalism around the world, national politicians are quarrelling again, meanwhile the markets are roiling. Can we again depend on economic technocrats to save the day for these national politicians and the rest of us? What happens if they fail or, perhaps worse, go too far? In this timely book, Shambaugh answers these questions using recent economic crises in Argentina, the United States and Europe as case studies for analysing the intersections of power, politics and markets. By specifying the interactions between political uncertainty, market intervention, and investor risk, Shambaugh predicts how economic technocrats manage market behaviour by shifting expectations regarding what national politicians will do and whether their policies will be effective.

Author: George E. Shambaugh
ISBN-10: 110849398X
ISBN-13: 9781108493987
Publisher: Cambridge University Press
Language: English
Published: 09/19/2019
Pages: 274
Format: Hardcover
Weight: 1.20lbs
Size: 9.23h x 6.53w x 0.70d

Review Citation(s):
Choice 04/01/2020