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Massive government aid has provided liquidity to support economies during the Covid-19 pandemic, but also caused stock prices to surge beyond their value, the IMF cautioned on Tuesday.
The "unprecedented policy support may have unintended consequences," including "excessive risk taking in markets," the International Monetary Fund said.
That has contributed to pushing stock values "meaningfully higher" than what would be expected given their fundamentals, the IMF said in its Global Financial Stability Report.
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