Tim Schuler, an investment strategist at Legg Mason affiliate Permal, asks what impact the dramatic events of the first quarter will have on global economic growth.
During 2010 investors and market commentators focused primarily on macroeconomic and financial risks. However, in the first quarter of 2011, these issues took a back seat in light of completely unexpected, disruptive and often tragic events: a wave of popular uprisings in the Middle East and North Africa, a new NATO-led military operation in Libya, a devastating earthquake and tsunami in north-eastern Japan, and the ongoing nuclear disaster in Fukushima. These were primarily exogenous shocks, in the sense they were generated by events outside economic systems and financial markets, thoug...
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