LEADER 04665oam 22011534 450 001 9910966760103321 005 20250426110718.0 010 $a9781475594324 010 $a1475594321 010 $a9781475570052 010 $a1475570058 035 $a(CKB)2670000000234710 035 $a(EBL)1606803 035 $a(SSID)ssj0001032631 035 $a(PQKBManifestationID)11662026 035 $a(PQKBTitleCode)TC0001032631 035 $a(PQKBWorkID)10992776 035 $a(PQKB)11250470 035 $a(MiAaPQ)EBC1606803 035 $a(Au-PeEL)EBL1606803 035 $a(CaPaEBR)ebr10590642 035 $a(OCoLC)870244825 035 $a(IMF)WPIEE2012158 035 $a(IMF)WPIEA2012158 035 $aWPIEA2012158 035 $a(EXLCZ)992670000000234710 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781475504514 311 08$a1475504519 311 08$a9781475538564 311 08$a1475538561 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 $aBond yields$2imf 606 $aBonds$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aFinancial institutions$2imf 606 $aFinancial instruments$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment securities$2imf 606 $aInvestment & securities$2imf 606 $aInvestment Decisions$2imf 606 $aInvestments: Bonds$2imf 606 $aInvestments: General$2imf 606 $aPortfolio Choice$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSecurities$2imf 606 $aSovereign bonds$2imf 606 $aSovereign Debt$2imf 607 $aUnited Kingdom$2imf 615 0$aGovernment securities. 615 0$aSecurities. 615 7$aBond yields 615 7$aBonds 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aFinancial institutions 615 7$aFinancial instruments 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment securities 615 7$aInvestment & securities 615 7$aInvestment Decisions 615 7$aInvestments: Bonds 615 7$aInvestments: General 615 7$aPortfolio Choice 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSecurities 615 7$aSovereign bonds 615 7$aSovereign Debt 676 $a332.152 700 $aAndritzky$b Jochen$01673970 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910966760103321 996 $aGovernment Bonds and their Investors$94371282 997 $aUNINA