Downward spiral



In the face of the flood of bad financial news in the early part of 2008, the Swedish insurance sector exhibited a textbook defence and retreated to the high ground of government bonds. Unfortunately, with no Swedish government bonds with an outstanding duration longer than 12 years and solvency regulation that discounted liabilities using their term structures as the safe harbour, this tactic proved illusory. Instead, the large-scale flight to quality drove down government bond yields even

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