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Look Inside Oracles, Heroes or Villains

Oracles, Heroes or Villains
Economic Policymakers, National Politicians and the Power to Shape Markets

  • Publication planned for: September 2019
  • availability: Not yet published - available from September 2019
  • format: Hardback
  • isbn: 9781108493987


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About the Authors
  • 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.

    • Will appeal to those who are interested in the political dimensions of economic policy rather than an assessment of economic models
    • Readers can better understand how political turmoil affects markets and economic behaviour
    • Compares insights from economic policy in Argentina, the United States and Europe over thirty years, showing commonalities and differences among various advanced industrialized and emerging market countries
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    Product details

    • Publication planned for: September 2019
    • format: Hardback
    • isbn: 9781108493987
    • dimensions: 228 x 152 mm
    • contains: 43 b/w illus.
    • availability: Not yet published - available from September 2019
  • Table of 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.

  • Author

    George E. Shambaugh, Georgetown University, Washington DC
    George E. Shambaugh, IV is Associate Professor of International Affairs and Government in the Edmund A. Walsh School of Foreign Service, Georgetown University. His authored books include States, Firms, and Power: Successful Sanctions in United States Foreign Policy (1999), and, as co-author, The Art of Policymaking: Tools, Techniques, and Processes in the Modern Executive Branch (2nd edition, 2016).

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