The writer is chief economist of CountryRisk.io
Our century is characterised by the two separate megatrends of ageing populations and climate change. Both are without example in recent history. And both will take decades to fully unfold.
The need to gauge the impact on credit risk is becoming more pressing. It is nowhere more urgent than in the asset class that is the ultimate backstop for all challenges and calamities that may befall us: government bonds.
The pandemic made abundantly clear that the buck always stops with governments. When the social and economic fabric is under strain, the state will be called to the rescue. Public finances and sovereign ratings will feel the pain.
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