04482oam 22010694 450 991078552630332120230801224014.01-4755-9432-11-4755-7005-8(CKB)2670000000234710(EBL)1606803(SSID)ssj0001032631(PQKBManifestationID)11662026(PQKBTitleCode)TC0001032631(PQKBWorkID)10992776(PQKB)11250470(MiAaPQ)EBC1606803(Au-PeEL)EBL1606803(CaPaEBR)ebr10590642(OCoLC)870244825(IMF)WPIEE2012158(IMF)WPIEA2012158(EXLCZ)99267000000023471020020129d2012 uf 0engurcn|||||||||txtccrGovernment Bonds and their Investors : What Are the Facts and Do they Matter? /Jochen AndritzkyWashington, D.C. :International Monetary Fund,2012.1 online resource (32 p.)IMF Working PapersDescription based upon print version of record.1-4755-0451-9 1-4755-3856-1 Includes bibliographical references.Cover; Contents; I. Introduction; II. The Dataset; III. What are the Facts?; IV. Does the Investor Base Matter?; A. Background; B. How Is the Investor Base Related to Yields?; C. Do Portfolio Shifts Affect Expected Bond Returns?; V. Conclusions; ReferencesThis paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend. Domestic financial institutions allocated a larger share of government securities in their portfolios, as Japan has done since its crisis in the 1990s. Increases in the share held by institutional investors or non-residents by 10 percentage points are associated with a reduction in yields by about 25 or 40 basis points, respectively. The data show a varied lead-lag relationship between bond yields and investor holdings. Portfolio balance estimates suggest that a change in statutory or regulatory holdings of government securities to the tune of 10 percent of the outstanding stock causes expected returns to decline by 7 to 25 basis points.IMF Working Papers; Working Paper ;No. 2012/158Government securitiesSecuritiesInvestments: GeneralimfInvestments: BondsimfPublic FinanceimfPortfolio ChoiceimfInvestment DecisionsimfDebtimfDebt ManagementimfSovereign DebtimfGeneral Financial Markets: General (includes Measurement and Data)imfInvestment & securitiesimfPublic finance & taxationimfGovernment securitiesimfSovereign bondsimfSecuritiesimfPublic debtimfBondsimfFinancial institutionsimfBond yieldsimfFinancial instrumentsimfDebts, PublicimfUnited KingdomimfGovernment securities.Securities.Investments: GeneralInvestments: BondsPublic FinancePortfolio ChoiceInvestment DecisionsDebtDebt ManagementSovereign DebtGeneral Financial Markets: General (includes Measurement and Data)Investment & securitiesPublic finance & taxationGovernment securitiesSovereign bondsSecuritiesPublic debtBondsFinancial institutionsBond yieldsFinancial instrumentsDebts, PublicAndritzky Jochen1556422International Monetary Fund.DcWaIMFBOOK9910785526303321Government Bonds and their Investors3819103UNINA