However, it is also important to take into consideration that to the extent that those new alternative sources of financing respond to dissatisfaction with current global governance, they may end up implying a wider dispersion of global decision making or, to put it differently, the advent of a parallel governance framework.
An average pension fund, which invests half its capital in corporate equities, with a duration gap of around ten years, and a cover ratio of 130%, has a chance of about 2.5% of facing under-funding within the next year. This degree of risk, viz. 1 in 40, is considered acceptable by politicians.