|  | Author: Mohamed El-Erian
Publisher: McGraw-Hill
List Price: $27.95
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Seller: effenbooks
Rating:  53 reviews
Sales Rank: 11165
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Edition: 1
Pages: 304
Number Of Items: 1
Shipping Weight (lbs): 1.5
Dimensions (in): 9.1 x 6.4 x 1.3
ISBN: 0071592814
Dewey Decimal Number: 381.101
EAN: 9780071592819
ASIN: 0071592814
Publication Date: May 23, 2008
Availability: Usually ships in 1-2 business days
Condition: Many creased corners. Mild shelf wear to dust jacket. No markings seen on text. Orders Shipped in One Business Day! Great Customer Service. Your Satisfaction is Guaranteed!
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| Customer Reviews:
Showing reviews 16-20 of 53
 Well written and full of insights December 10, 2008
Robert (CA United States)
2 out of 6 found this review helpful
This book is well written and full of valuable insights.
Frankly I don't understand others' complains of the writing style. It's actually a pretty well written book, with no problem with its sentences / grammar whatsoever.
One thing for sure: this book is not written for those day traders and market timers. You got to have some background in Economy / Finance to better appreciate the insights of the book.
 Browse it in a bookstore December 10, 2008
Ahmad Ayaz (Hong Kong)
11 out of 15 found this review helpful
I was fooled by all the recommendations on the jacket and by the Economist's annual best-read list. If you must, browse the first two chapters (just look at the graphs) in a bookstore. The author promises much in the beginning of each chapter (the promises can extend to several pages: I will demonstrate.., I will draw on...) but never delivers. He quotes from the works of many (many of those recommend the book on the jacket) but it appears he quotes without reading, either from the jacket or Wikipedia. Often, the quotes are without substance, just elegant phrases (sounding meaningless without context), not the main theme or event, so that the author did not have to explain them. The language is vacuous. A few graphs' axes are not probably labeled. There should be a black-list of the scholars who recommend the books without reading; that's a kind of dishonesty.
 Disappointing December 4, 2008
L. R. Lewis
1 out of 6 found this review helpful
Poorly written. He admits he's splitting his audiences and the result is a mess of a book where the big themes are well known to even the most remedial investor. If you're really interested in his ideas all that's needed is a video interview search of which there are numerous.
Emerging economies to make up US growth slack December 3, 2008
Golden Lion (North Ogden, Ut United States)
8 out of 16 found this review helpful
1. Emerging markets are a key to understanding the global economic and financial markets. Sovereign wealth funds will provide a new pool of money. Directives have helped open emerging markets and allow monetary investment not before possible.
2. Emerging economies will have a growing influence on the global economy's growth rate.
3. For several years emerging Asian economies have account for more global GDP growth than America has. China and India consumer spending is increasing and contribute to global GDP.
4. Purchase power parity is a unit of measure that eschews the market exchange rate for a conversion based on what is need to buy the same amount of goods and services in each country. When measured using purchasing power parity, China and India contribute more to global growth in 2007 than did the US, UK, and Japan. China and India are moving into a new territory where they are able to internal consume and invest.
5. China will increasingly find that it's growth will be driving by internal demand rather than external markets. Policy will shift in favor of the consumer and help alleviate protectionist pressures coming from outside, especially from the US which some have label China as a currency manipulator.
6. Developing countries will increasingly step up as significant and sustainable sources of global growth
7. Global economic growth will gradually reduce the world's sensitivity to variations in US growth performance
8. Emerging economies will result in a greater emphasis on domestic components of demand. The global economy will be sustainable because a number of emerging economies are coming online resistant to US down turns.
9. Emerging economies have recycled their trade economies surplus back into US treasury instruments, mortgages, and corporate bonds. Exchange rates have remained stable. The big players are the Middle East oil producers and Asian producers. However, the imbalances are clearly unsustainable.
10. As emerging economies gradually shift their primary focus from the producer to the consumer, the rate of growth from imports in these countries will increase over that of the exports. Over the next decade many emerging economies will shift from being export machines to being consumers.
11. Emerging economies will absorb surplus labor from traditional sectors and traditional sectors will shift the focus away from incremental job creation to human capital accumulation and knowledge-based activities.
12. Emerging market export growth grew from 10 percent at the beginning of the decade to 17 percent by 2006.
13. The US in particular will be able to gradually and partially replace its reliance on the overstretched consumers with a new reliance on meeting the growing demand impulses coming from the rest of the world.
14. Global productivity gains put intense competitive pressures on manufacturers and service providers to reduce costs. Dis-inflationary impact is slowly dissipating and key emerging economies are now exhibiting a gradual increase in wages and partial exhaustion of high-productivity, low-cost labor.
15. A billion workers moving into the market place reduce world wages, inflation, inflation expectations, and interest rates.
16. Surging economies have been an important factor behind the surge in commodity prices.
17. Chinese consumption of oil was 7.1 mbd in 2006 and by 2030, oil demand 16.5 mbd and India demand will reach 6.5 mbd.
18. Emerging economies that have high growth rates are even larger users of natural resources. The impact of this extra demand will not be offset by the reduced consumption in industrial countries because emerging economies are less efficient user of natural resources.
19. Physical demand for commodities will be supplemented by financial demand.
20. Accumulative earnings from Middle East oil export for 2004 through 2008 will approach $2 trillion, 45 percent is saved, adding to large holdings of international reserves.
21. Emerging economies investment in US government papers puts downward pressure on US interest rates.
22. As reserve accumulation persists contributes to greater inflationary pressure and appreciation in exchange rates. Reserve accumulation makes exports more expensive. Authorities look for ways to sterilize large capital inflows through purchases of US government paper or outsourcing the management to Bank of central banks (BIS). Saves are pulled out and liquidity of the surplus is mopped up. The interest payments on the debt issues to sterilize the inflows far exceed that earned on the reserve (negative carry).
23. Countries can buy back their debt and extinguish debt in foreign currency that trades at higher yields than what was earned on the investment of the reserves.
24. Some countries are starting to setup Sovereign wealth funds (SWF). SWF of oil producers have been exploring opportunities in the Middle East and North Africa, India, Pakistan, and the Far East. Chinese entities have been purchasing investments in Africa and Latin America. SWFs operating cross borders and long term gives them value orientation.
25. Creditor countries must recognize that the shift in external payments has a permanency to it. Emerging countries must encourage domestic components of demand along with the external components.
26. Bond markets and US government bonds are facing the prospect of lower allocation of sovereign investments. The declining share will reflect a natural diversification in the asset allocation of the SWFs. While equity markets, real estate will likely benefit from larger allocations of bonds.
27. Derivative products have enabled a far greater degree of linkage across markets, at any time. BIS estimates, end of Jun 2007, the derivatives market to be $516 trillion. Credit Default swaps have shown the fastest growth. The visible revolution of derivatives has been the mortgage products.
 Helps to get an all-round view on today's economy December 2, 2008
D.T.
3 out of 8 found this review helpful
The book is trying to keep the language plain but probably is not for those who haven't a clue about economy. It is a very interesting read so as to see the flaws and cons of today's economic world and to read between the lines from now on.
Showing reviews 16-20 of 53
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