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It didn’t take long for Nouriel Roubini, the economist known as Dr Doom, to warn that the stock market selloff in late February was a signal of much worse to come, as he ranked the coronavirus among the “white swans” of 2020, meaning causes for financial crises that are predictable.
This approach does not always take into account the policy reactions to serious problems, which complicates the real-world task of hedging and positioning for the impact of an epidemic.
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