Oracles, Heroes or Villains : Economic Policymakers, National Politicians and the Power to Shape Markets (9781108713795)

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.

Product details

• Format Paperback | 274 pages
• Dimensions 152 x 228 x 14mm | 460g
• Publication date 24 Oct 2019
• Publisher Cambridge University Press
• Publication City/Country Cambridge, United Kingdom
• Language English
• Illustrations note Worked examples or Exercises; 43 Line drawings, black and white; Worked examples or Exercises; 43 Line drawings, black and white
• ISBN10 1108713793
• ISBN13 9781108713795
• Bestsellers rank 3,129,711

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