Squaring the Circle
The world' s financial markets have been marked by contradictions throughout 2013.Inflation has dropped but government bonds have suffered.Risk appetites have revived but emerging markets have underperformed.
Perhaps such anomalies are inevitable given the influence of central banks on market sentiment.Offered a choice of knowing in advance the growth and inflation numbers for 2014,or the precise details of Federal Reserve asset purchases next year,investors would probably opt for the latter.If fundamentals are not driving the markets,then fitting price movements into a coherent economic framework is inevitably harder.
2013-11-11（万方平台首次上网日期，不代表论文的发表时间）
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