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

byMohamed El-Erian

Mohamed El-Erian examines the extraordinary burden placed on central banks after the global financial crisis. With legislatures and governments unable or unwilling to act, monetary authorities became “the only game in town,” using unconventional policies to stabilize markets and support growth. El-Erian argues that those tools bought valuable time but could not solve structural problems involving productivity, inequality, debt, and political dysfunction. The book explores the risks of prolonged dependence on central banks and outlines choices facing governments, institutions, and investors. Its warning is that financial stability cannot be sustained indefinitely by monetary policy alone.

Publisher

Random House

Publication date

2016

Format

Print edition

Pages

308

ISBN

9780300222531