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Global financial have so far brushed off the current "unusual election season" due to faith in central banks--but not for long, said Allianz's chief economic adviser, Mohamed El-Erian.
Responding to a question in "Gold Investor" published by the World Gold Council, the widely-followed economist said valid reasons for the nonchalance include institutional checks and balances built into the US political system.
"Unless Congress swings in an unexpected manner in favor of the next President's party, whoever is elected to the White House would find their degrees of freedom quite limited – especially given some of the statements that have been made on the campaign trail," he answered in the publication released on Tuesday.
But there is more than meets the eye.
"You need only look at how fast investors overcame their initial Brexit fears to realize that something else has been in play – and that is, enormous faith in the ability of central banks to repress financial volatility and to succeed in doing so almost regardless of political and economic developments," he added.
Central bank effectiveness, however, is in the process of changing and may eventually wane, so political developments could have a bigger impact on markets in the months to come, he warned.
In the same article presented in a Q&A format, El-Erian, also cited "political polarisation" as a key threat to sustainable economic growth as it was delaying a "much needed" economic policy pivot away from excessive reliance on central banks towards a more comprehensive approach, he said.