The related point is that there remains much that we do not understand. This issue of failure to forecast is especially embarrassing because these countries, by and large, did the things which economists had said were important.
During the year 2009, the bid cover ratio in the primary market was 2.346 (compared to 1.445 in 2008), an indicator that there was increased demand for government securities. Furthermore the Primary Dealers have continued to provide liquidity in the secondary market by quoting effective two-way prices in all market conditions.