LEADER 05161nam 2200637Ia 450 001 9910452742703321 005 20200520144314.0 010 $a1-4755-2422-6 010 $a1-4755-9322-8 035 $a(CKB)2550000001041536 035 $a(EBL)1607088 035 $a(SSID)ssj0000943953 035 $a(PQKBManifestationID)11503131 035 $a(PQKBTitleCode)TC0000943953 035 $a(PQKBWorkID)10983799 035 $a(PQKB)11066690 035 $a(MiAaPQ)EBC1607088 035 $a(Au-PeEL)EBL1607088 035 $a(CaPaEBR)ebr10661223 035 $a(OCoLC)820489145 035 $a(EXLCZ)992550000001041536 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTracking global demand for advanced economy sovereign debt$b[electronic resource] /$fprepared by Serkan Arslanalp and Takahiro Tsuda 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (63 p.) 225 0 $aIMF working paper ;$vWP/12/284 300 $aDescription based upon print version of record. 311 $a1-4755-2106-5 311 $a1-4755-9640-5 320 $aIncludes bibliographical references. 327 $aCover; Contents; Executive Summary; I. Introduction; II. Motivation; III. Methodology for Sovereign Investor Base Estimates; A. Overview; Tables; 1. Sample of Countries; 2. Summary of Data Sources; Figures; 1. Summary of Methodology; 3. Construction of General Government Gross Debt on a Consolidated Basis for Non-European Countries, end-2011; 2. Advanced Economies: Holders of Government Debt, end-2011; 4. Valuation of Debt Securities in Various Databases; B. Estimation Methodology for Each Investor Type; 5. Estimation of Foreign Central Bank Holdings of Government Debt, end-2011 327 $aC. Robustness Checks and AdjustmentsD. Limitations and Extensions; IV. Key Trends in The Post-Crisis Period; 3. Foreign Holdings of Government Debt by Country of Origin, 2004-11; A. How Did Foreign Demand Change?; 4. Advanced Economies: Foreign Investors as an Investor Class, 2004-11; Boxes; 1. Country Groups; 5. Advanced Economies: Foreign Share in Government Debt Stock, 2004-11; 6. Advanced Economies: Foreign Net Purchases and Sales of Government Debt, 2008-11; 7. Euro and Non-Euro Area: Foreign Holders of Government Debt; 8. Advanced Economies: Changes in Sovereign Credit Ratings, 2004-11 327 $aB. How Did Foreign Demand Change by Investor Type?9. Euro and Non-Euro Area Countries: Foreign Net Purchases of Government Debt; 10. Advanced Economies: Country Allocation of Foreign Investors, 2004-11; 11. Advanced Economies: Cumulative Net Foreign Purchases of Government Debt; 12. Advanced Economies: Foreign Investors' Portfolio Reallocation in 2011; C. How Did Domestic Investors React to Falls in Foreign Demand?; 13. Foreign Investors Position and Sovereign Downgrades, 2004-11; D. How Did Domestic Bank Demand Change More Generally? 327 $a14. Advanced Economies: Bank Holdings of Own Government Debt, 2004-1115. Euro and Non-Euro Area: Bank Holdings of Own Government Debt, 2008-11; 16. Euro Area: Bank Holdings of Own Government Debt Securities, 2007-11; V. Sovereign Investor Base Risk Indicators; A. Sovereign Funding Shock Scenarios; 2: Methodology of Sovereign Funding Shock Scenarios; 17. Advanced Economies: Sovereign Funding Shock Scenarios; B. Investor Base Risk Index; 6. Risk Scores by Investor Type; 18. Advanced Economies: Investor Base Risk Index, 2008-11; 19. A Stylized Framework for Sovereign Risk Analysis 327 $a20. Advanced Economies: Application of Investor Base Risk Index, end-2009C. Foreign Investor Position Index; 21. Advanced Economies: Foreign Investor Position Index (FIPI), end-2011; VI. Conclusion; Annex Figures; 1. Advanced Economies: Holders of Government Debt, 2004-11; 2. Advanced Economies: Cumulative Purchases of Government Debt, since end-2007; References 330 $aRecent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase 410 0$aIMF Working Papers 606 $aDebts, Public$zDeveloped countries 606 $aFinance, Public$zDeveloped countries 608 $aElectronic books. 615 0$aDebts, Public 615 0$aFinance, Public 700 $aArslanalp$b Serkam$f1976-$0879391 701 $aTsuda$b Takahiro$0879392 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452742703321 996 $aTracking global demand for advanced economy sovereign debt$91963646 997 $aUNINA