Aberdeen Asset Management has forecast that 2013 will see a battle between liquidity and solvency. The firm, a sponsor of the Institute of Financial Planning, said better liquidity would be viewed as a "band-aid fix" for larger problems.
Representing the multi-manager team, asset managers Aidan Kearney, Graham Duce, Rob Bowie, Scott Spencer, Sonja Tilly and Justin Jones said: "The battle between liquidity on the one hand and solvency on the other will roll over into the New Year and it must be remembered that the former is not an antidote to the latter.
In their monthly report they write: "Liquidity is best viewed as a short-term "band-aid fix" which can help pave the way for more comprehensive structural solutions to be implemented. It is imperative that policymakers wisely use the time bought by innovative monetary initiatives."
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There are likely to be three big macroeconomic problems in 2013, the US deficit fears over the fiscal cliff, the Eurozone crisis and the health of China's economy.
The team predicted 2013 would continue to see bouts of volatility similar to 2012 as politicians seek to find a solution to the economic problems.
"The road to this nirvana will be undoubtedly bumpy and of course a safe arrival cannot be guaranteed. Bouts of volatility are therefore likely to be commonplace in 2013 as they were in 2012."