People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP
People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP
Gary Biddle
Opinion

Opinion

Macroscope by Gary Biddle

If slowing growth, unsound financial systems and the coronavirus don’t trigger a market meltdown, central banks will

  • Both China and the US chose the wrong remedies for ailing economies in wake of the global financial crisis. Financial risks abound today, as they did in 2007
  • A decade of easy money has only compounded the problems. Central bankers know this, and may seek to mitigate the distorting effects of low interest rates

Gary Biddle
Gary Biddle

Updated: 3:26am, 20 Feb, 2020

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People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP
People walk past the New York Stock Exchange on February 12. US stocks have rallied to an all-time high this month despite worries over sluggish economies in China and Europe and the coronavirus outbreak. Photo: Getty Images / AFP
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Gary Biddle

Gary Biddle

Gary Biddle is professor of financial accounting at the University of Melbourne and teaches at Columbia University, London Business School and the University of Hong Kong.