What's the difference between ABS and ABS?

Toby Nangle on the lessons the credit market can learn from a road safety experiment

In the early '90s the German government performed an experiment in road safety, the results of which have implications for credit markets today. The government fitted anti-lock brake systems (ABS) to half a fleet of taxicabs in Munich. Unbeknown to the taxi drivers, many cabs were also fitted with speedometers that captured both the speed and level of deceleration. Over the next three years the results were collected. When announced, they caused something of a stir.

Rather than having improved

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