Before the onset of the ongoing credit crisis I concluded that the available evidence supported the notion that financial markets were (significantly) underpricing risk . It will be argued in this paper that inherent (or structural) difficulties in the pricing of all sorts of risks is an...

This study takes a closer look at the role of risk (mis)management by financial institutions in the emergence of the Great Crash. It is explained that prior to the crisis too much reliance was placed on the quantitative side of risk management, while not enough attention was paid to qualitative...

Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and...