経済官僚、政治家と市場を動かす力 Oracles, Heroes or Villains : Economic Policymakers, National Politicians and the Power to Shape Markets

Shambaugh, George E.

Cambridge University Press（2019/09発売）

• 製本 Hardcover:ハードカバー版／ページ数 274 p.
• 言語 ENG
• 商品コード 9781108493987
• DDC分類 339.53094

Full Description

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.

Contents

1. Reaching for bazooka; 2. Preferences, power and predictions; 3. The Argentine tango; 4. The Federal Reserve goes political; 5. A Greek tragedy; 6. Managing markets in turbulent times.