The dynamics of the financial crisis were driven by underpricing of risk and lack of transparency, which led to a loss of confidence when the bubble finally burst. Crisis resolution involved massive government interventions that caused a permanent transfer of losses to the public sector as well...

While coming to grips with the challenges of market turbulence, repeated financial crises, and the 2001 introduction of a fair value disclosure regime, Denmark's Labour Market Supplementary Pension Plan (ATP) concluded that its approach to pension management needed to change. As a result, the...