Tough, volatile capital markets, combined with greater uncertainty around attrition and customer life expectancies makes it compelling to take the money and transfer the risk.
The sustained period of low interest rates combined with volatile capital markets has put funding pressure on pension plans that guarantee benefits to generations of workers who are living longer.
But the excessive and volatile capital flows have been disruptive for many emerging economies, both when the inflows were occurring and when they reversed.
After years of growing indebtedness, emerging economies face a difficult combination of slower growth, tighter credit conditions, and volatile capital flows.
The governor-elect will have to contend with a slowing economy and volatile capital flows, as well as rebuilding reserves that are about 30 percent below a high seen in 2013.
Recent experience has underscored the issue of large and often volatile capital flows influencing exchange rate movements against the grain of economic fundamentals and current account balances.
The men are reading the words of the absent dictator, sent during the night by electric telegraph in order to assert his authority over his volatile capital.
