Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions

The global economy is now in recession, while market liquidity and depth have virtually disappeared in a number of asset classes. Policymakers around the globe are taking extraordinary steps to support financial markets with more than 50% of the world economy at or near the zero bound, while fiscal stimulus will exceed the response seen in the aftermath of the 2008 global financial crisis.

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