SMM5 May 16, 2020 Tsinghua Wudaokou Global Financial Forum opened online, at which Eric Maskin, the 2007 Nobel laureate in economics, said:
At present, the epidemic has had a huge impact on the real economy, the impact on the United States has never been seen since the Great Depression, but there is not much reaction to the financial markets, and the stock market rebounded quickly after the crash. The financial impact is not yet apparent, and once the impact on the global economy becomes apparent, financial markets may fall again. Basically, recessions are caused by the financial crisis, and financial problems lead to difficulties in obtaining funds for the real economy, which is caused by non-economic reasons this time. The real economy is unable to operate, and its impact has not been fully apparent, because the government has made a policy backstop, and I am more worried about the impact after the financial markets. I am more pessimistic in the short term.
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