دانلود کتاب The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse – تنها بازی در شهر: بانک های مرکزی، بی ثباتی، و اجتناب از سقوط بعدی

توضیحات

NEW YORK TIMESBESTSELLER Dr. Mohamed A. El-Erian, one of the worlds most influential economic thinkers and theauthor ofWhen Markets Collide,has writtena 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.

InThe Only Game in Town,El-Erian casts his gaze toward the future of the global economy and markets, outlining the choiceswe 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 actorsand, 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 sectorbefore 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 Townis required reading for investors, policymakers, and anyone interested in the future.

Praise forThe Only Game in Town

The one economic book you must read now . . . If you want to understand this bifurcated world and where its headed, there is no better interpreter than Mohamed El-Erian. . . . An excellent primer [and] a guide on what to expect as the world struggles to cope with slower, less equal growth.Time

How come the global economy is now run largely by unelected central banks? In this highly intelligent analysis, the author, a respected investor and CEO, explains how elected governments are failing in their basic job to take care of the economy and why this might lead to a massive unmanageable crisis.Fareed Zakaria, CNN (book of the week)

El-Erian expertly offers a balanced view, commending the central banks for their necessarily aggressive policy views while noting, for example, the failure of the Fed to recognize the pre-crisis housing bubble. . . . A grand tour of the challenges we face, along with ideal solutions and more likely outcomes.Steven Rattner,The New York Times Book Review

What better moment could there be for a book subtitled Central Banks, Instability, and Avoiding the Next Collapse? And who better to write it than Mohamed El-Erian . . . ?Financial Times

A warning on the Federal Reserves limits . . . For those who consider Washington politicians incapable of acting effectively, [El-Erians] diagnosis is chilling.The New York Times

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ترجمه ماشینی :

نیویورک تایمزپرفروش‌ترین کتاب دکتر محمد الریان، یکی از تأثیرگذارترین متفکران اقتصادی جهان و نویسنده وقتی بازارها با هم برخورد می‌کنند،نوشته است نقشه راه برای آنچه در پیش است و تصمیماتی که اکنون باید برای جلوگیری از بحران اقتصادی و مالی جهانی بعدی بگیریم.

مسیر اقتصادی فعلی ما در حال پایان است. تابلوهای راهنما در اطراف ما هستند: رشد کند، افزایش نابرابری، بیکاری سرسختانه، و بازارهای مالی آشفته، به چند مورد. به زودی به یک انشعاب در جاده خواهیم رسید: یک مسیر به رشد مجدد، رفاه و ثبات مالی منتهی می شود، دیگری به رکود و بی نظمی بازار.

درThe Only Game in Town,< /i>الاریان نگاه خود را به آینده اقتصاد و بازارهای جهانی می اندازد و انتخاب هایی را بیان می کندکه هم به صورت فردی و هم جمعی در عصر عدم اطمینان اقتصادی و ناامنی مالی با آن روبرو هستیم. الاریان با شروع واکنش آنها به بحران جهانی 2008 توضیح می دهد که چگونه و چرا بانک های مرکزی ما به بازیگران سیاست مهم تبدیل شدند و مهمتر از همه اینکه چرا نمی توانند ادامه دهند این نقش به تنهایی است. آنها سیستم مالی را از فروپاشی در سال 2008 و رکود اقتصادی چند ساله نجات دادند، اما فاقد ابزار لازم برای بازگشت به رشد فراگیر بالا و ثبات مالی پایدار هستند. زمان انتقال سیاست‌ها فرا رسیده است، از یک دوره طولانی آزمایش سیاست پولی به استراتژی‌ای که قبل از اینکه وارد بحران دیگری شویم، آنچه را که اقتصادها را آزار می‌دهد و بخش مالی را مخدوش می‌کند، بهتر مورد هدف قرار می‌دهد.