Mohamed El-Erian

NEW YORK TIMES BESTSELLER • A roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis, from one of the world’s most influential economic thinkers and the author of When Markets Collide“The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian.”— Time Our current economic path is coming to an end. The signposts are all around 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 One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we 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 actors—and, 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 sector—before 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 Town is required reading for investors, policymakers, and anyone interested in the future.

This chapter comes from the #1 New York Times and #1 Wall Street Journal bestseller When Markets Collide , in which Mohamed A. El-Erian--the man who Fortune magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

Gerade einmal 10 Jahre ist es her, dass Zentralbanker kaum etwas falsch machen konnten. Die großen Krisen galten als überwunden – Zentralbankchef Ben Bernanke sprach 2004 gar über das Ende der großen Wirtschaftskrisen. Gerade einmal vier Jahre später stürzte die Weltwirtschaft in die mit Abstand schwerste Krise seit Jahrzehnten.Seitdem agieren die großen Zentralbanken im permanenten Rettungsmodus. Die Märkte ertrinken in Ozeanen aus Liquidität und doch gibt es keine historischen oder bewährten Modelle, die in dieser Ausnahmesituation helfen könnten. Noch dazu zeigen sich immer stärker Erschöpfungserscheinungen. Wer darauf achtet, dem werden die Anzeichen kaum entgehen. Wahrscheinlich ist, dass der Weg, auf dem sich die Weltwirtschaft derzeit befindet, bald enden dürfte – vielleicht sogar recht plötzlich.Wie also navigieren Staaten, Unternehmen und der Einzelne durch diesen andauernden Krisenzustand? Mohamed El-Erian, einer der renommiertesten Ökonomen der Welt, zeigt …- wie das weltweite Finanzsystem immer stärker seine Fähigkeit verliert, die legitimen Wünsche von Milliarden von Menschen zu erfüllen, vor allem, wenn es um wirtschaftlichen Aufstieg, lohnende Beschäftigung und finanzielle Sicherheit geht;- warum die Welt derartige Wachstumsschwierigkeiten hat, warum Länder immer ungleicher werden und warum so viele Menschen mit dem nicht enden wollenden Gefühl von finanzieller Instabilität leben müssen;- warum so viele politische Systeme derart massive Schwierigkeiten damit haben, die schnell veränderlichen Realitäten vor Ort zu verstehen und zu ihnen aufzuschließen.

This chapter comes from the #1 New York Times and #1 Wall Street Journal bestseller When Markets Collide , in which Mohamed A. El-Erian--the man who Fortune magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

O pessimismo sobre o futuro não pára de crescer, alimentado pelo crescimento económico lento, taxas de desemprego altas, desigualdade crescente, enorme instabilidade financeira e graves tensões sociais. O Dr. Mohamed A. El-Erian, um dos pensadores de economia mais influentes do mundo, explica com lucidez os dilemas económicos com que nos vamos deparar em breve. O caminho atual seguido pela economia mundial e pelos mercados tem os dias contados. Mas o que se segue não está decidido. Depende em grande parte das escolhas que fizermos nas nossas casas e empresas, e das decisões que os nossos representantes políticos tomarem.«O único livro de Economia que tem de ler já.»Time

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

The economy of the Middle East and North Africa improved considerably in 1996 and remained favorable in 1997. This paper presents an assessment of the recent experience of the MENA economies and examines prospects for 1998 and beyond.

Die globalen Wirtschaftssysteme ändern sich rasant und werden zunehmend von heftigen Krisen geschüttelt. Nationen die bis vor kurzem noch in Wohlstand schwelgten, stehen kurz vor dem finanziellen Kollaps und sehen sich auf einmal vor ganz neue Herausforderungen gestellt. Vielen Börsianern geht es nicht anders. Die Handelsstrategien von gestern funktionieren heute nicht mehr. Investoren müssen die Märkte ganz neu interpretieren und bewerten. Nur wie? Das Buch zeigt mögliche Wege und Szenarien, mit denen sich Investoren auf die künftigen Herausforderungen der Weltwirtschaft optimal vorbereiten. Es gibt Strategien an die Hand, Fehldeutungen zu vermeiden und seine Vermögenswerte zu schützen. Mit durchdachten und einfach nachzuvollziehenden Erläuterungen beleuchtet El-Erian die Ursachen und die Konsequenzen der aktuellen Verfassung der globalen Wirtschafts- und Finanzsysteme.

Mohamed A. El-Erian dunyanin en yetenekli ve basarili risk yoneticilerinden biridir. El-Erian bu kitapta ileri risk analizine yonelik akademik bilgileri bir portfoy yoneticisinin gercek dunya ekonomisine iliskin gorusleriyle bir araya getiriyor. Modern yatirim dunyasini anlamak isteyen herkes mutlaka okumali. Alan Greenspan"Bu muthis kitap, gecmisin isiginda gelecegi aydinlatiyor. El-Erian farkli duzeylerde degisimin dinamiklerini ele aliyor ve hedefi on ikiden vuruyor." Peter L. Bernstein, Tanrilara Karsi kitabinin yazari"Gecmiste yatirimcilar ABD'yi ve sonra belki Avrupa ve Japonya'yi dogru anlamakla yetinirlerdi. Mohamed El-Erian bu tektonik kitalarin yeni bir dunyaya gebe oldugunu anlatiyor. Ustaca yazilmis, anlamasi kolay bu kitap degisen kuresel ekonomiyi anlamak icin onemli." Bill Gross, PIMCO Direktoru, Kurucusu ve CEO'su"Ekonomi konusundaki temeli, finans piyasalarina iliskin derin bilgisi ile Mohamed El-Erian ancak onun yazabilecegi bir kitaba imzasini atmis. Harvard Manage

"Mohamed A. El-Erian est l'un des praticiens de la gestion du risque les plus doués et les plus reconnus au monde. Dans son livre, il associe ses idées d'universitaire sur l'analyse avancée du risque avec la compréhension de l'économie réelle d'un gestionnaire de portefeuille. Ce livre est essentiel pour ceux qui veulent comprendre le monde de l'investissement moderne".Alan Greenspan "Ce livre extraordinaire dépeint l'avenir grâce à un éclairage efficace et innovant du passé".Peter L. Bernstein. auteur de l'ouvrage Des idées capitales "Brillamment écrit, facile à comprendre - une explication convaincante de l'évolution de notre économie mondiale".Bill Cross, directeur, fondateur et CIO, PIMCO "Mohamed El-Erian, grâce à son vaste bagage économique et sa profonde connaissance des marchés financiers, a écrit un livre que nul autre n'aurait pu écrire".Seth A. Klarman "Le livre de Mohamed El-Erian est une analyse importante, sage et perspicace..."Michael Spence. Prix Nobel d'Economie (2001) "Je ne peux imaginer meilleur guide pour le nouveau monde à la fois terrifiant et exaltant de la finance mondiale..."Niall Ferguson, professeur de la chaire William Ziegler, Harvard Business School "Mohamed El-Erian est un être rare : un participant accompli aux marchés financiers qui en est aussi un brillant analyste. Il a écrit un livre aussi urgent qu'important".Fareed Zakarïa, rédacteur en chef, Newsweek International

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

Countries in the Middle East and North Africa region have unprecedented opportunities for transforming their economies through accelerated economic growth, but the countries themselves must ensure the necessary conditions. This study, by the Middle Eastern Department, focuses on four areas that are fundamental to growth-enhancing structural improving the region's investment performance, fiscal reform, financial sector reform, and trade liberalization.

This chapter comes from the #1 "New York Times" and #1 "Wall Street Journal" bestseller "When Markets Collide," in which Mohamed A. El-Erian--the man who "Fortune" magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

This chapter comes from the #1 New York Times and #1 Wall Street Journal bestseller When Markets Collide, in which Mohamed A. El-Erian--the man who Fortune magazine refers to as a "Global Guru"-- offers a cogent picture of the rapidly changing world financial system. A book that is sure to become an overnight investment classic, it gets you up to speed on the new economic and investing landscape and provides a detailed blueprint for capitalizing on the phenomenal opportunities now available in that new investment landscape, while minimizing the new and challenging set of risks.

This paper provides an economic overview of the very diverse countries within this large geographical area. It highlights the economic challenges and opportunities facing the MENA region, the policies pursued by the countries in the region, and the outlook for the external environment. The paper concludes with eight policy recommendations.