Foreign holders of Italian government debt securities: new evidence
Valerio Della Corte and
No 363, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area
Drawing on data from the Eurosystemï¿½s recent Securities Holdings Statistics (SHS) and the IMFï¿½s Coordinated Portfolio Investment Survey (CPIS), the paper provides a detailed breakdown of foreign holders of Italian government securities by sector and geographical area. We estimate that euro-area investors held more than 60 per cent of the Italian general government securities held by non-residents at the end of 2015; the sector in the euro area holding the largest share was 'other financial intermediaries' (predominantly non-money market funds), followed by banks and the insurance industry and pension funds. We also show that foreign demand for Italian government debt was mainly driven by euro-area countries in 2014, while in 2015 it mostly reflected purchases made by investors outside the euro area.
Keywords: securities holdings; cross-border investment; sovereign debt (search for similar items in EconPapers)
JEL-codes: F30 G10 H60 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_363_16
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