04665oam 22011534 450 991096676010332120250426110718.09781475594324147559432197814755700521475570058(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)WPIEA2012158WPIEA2012158(EXLCZ)99267000000023471020020129d2012 uf 0engurcn|||||||||txtccrGovernment Bonds and their Investors : What Are the Facts and Do they Matter? /Jochen Andritzky1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (32 p.)IMF Working PapersDescription based upon print version of record.9781475504514 1475504519 9781475538564 1475538561 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 securitiesSecuritiesBond yieldsimfBondsimfDebt ManagementimfDebtimfDebts, PublicimfFinancial institutionsimfFinancial instrumentsimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment securitiesimfInvestment & securitiesimfInvestment DecisionsimfInvestments: BondsimfInvestments: GeneralimfPortfolio ChoiceimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSecuritiesimfSovereign bondsimfSovereign DebtimfUnited KingdomimfGovernment securities.Securities.Bond yieldsBondsDebt ManagementDebtDebts, PublicFinancial institutionsFinancial instrumentsGeneral Financial Markets: General (includes Measurement and Data)Government securitiesInvestment & securitiesInvestment DecisionsInvestments: BondsInvestments: GeneralPortfolio ChoicePublic debtPublic finance & taxationPublic FinanceSecuritiesSovereign bondsSovereign Debt332.152Andritzky Jochen1673970International Monetary Fund.DcWaIMFBOOK9910966760103321Government Bonds and their Investors4371282UNINA