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100   $a20020129d2012      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aGovernment Bonds and their Investors : $eWhat Are the Facts and Do they Matter? /$fJochen Andritzky
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2012.
215   $a1 online resource (32 p.)
225 1 $aIMF Working Papers
300   $aDescription based upon print version of record.
311   $a1-4755-0451-9 
311   $a1-4755-3856-1 
320   $aIncludes bibliographical references.
327   $aCover; 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; References
330 3 $aThis paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend. Domestic financial institutions allocated a larger share of government securities in their portfolios, as Japan has done since its crisis in the 1990s. Increases in the share held by institutional investors or non-residents by 10 percentage points are associated with a reduction in yields by about 25 or 40 basis points, respectively. The data show a varied lead-lag relationship between bond yields and investor holdings. Portfolio balance estimates suggest that a change in statutory or regulatory holdings of government securities to the tune of 10 percent of the outstanding stock causes expected returns to decline by 7 to 25 basis points.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2012/158
606   $aGovernment securities
606   $aSecurities
606   $aInvestments: General$2imf
606   $aInvestments: Bonds$2imf
606   $aPublic Finance$2imf
606   $aPortfolio Choice$2imf
606   $aInvestment Decisions$2imf
606   $aDebt$2imf
606   $aDebt Management$2imf
606   $aSovereign Debt$2imf
606   $aGeneral Financial Markets: General (includes Measurement and Data)$2imf
606   $aInvestment & securities$2imf
606   $aPublic finance & taxation$2imf
606   $aGovernment securities$2imf
606   $aSovereign bonds$2imf
606   $aSecurities$2imf
606   $aPublic debt$2imf
606   $aBonds$2imf
606   $aFinancial institutions$2imf
606   $aBond yields$2imf
606   $aFinancial instruments$2imf
606   $aDebts, Public$2imf
607   $aUnited Kingdom$2imf
615  0$aGovernment securities.
615  0$aSecurities.
615  7$aInvestments: General
615  7$aInvestments: Bonds
615  7$aPublic Finance
615  7$aPortfolio Choice
615  7$aInvestment Decisions
615  7$aDebt
615  7$aDebt Management
615  7$aSovereign Debt
615  7$aGeneral Financial Markets: General (includes Measurement and Data)
615  7$aInvestment & securities
615  7$aPublic finance & taxation
615  7$aGovernment securities
615  7$aSovereign bonds
615  7$aSecurities
615  7$aPublic debt
615  7$aBonds
615  7$aFinancial institutions
615  7$aBond yields
615  7$aFinancial instruments
615  7$aDebts, Public
700   $aAndritzky$b Jochen$01556422
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910785526303321
996   $aGovernment Bonds and their Investors$93819103
997   $aUNINA