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Foreign Holders of Italian Government Debt Securities: New Evidence

16 Pages Posted: 15 Feb 2017  

Valerio Della Corte

Bank of Italy

Stefano Federico

Bank of Italy

Date Written: October 26, 2016

Abstract

Drawing on data from the Eurosystem’s recent Securities Holdings Statistics (SHS) and the IMF’s 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

JEL Classification: F30, G10, H60

Suggested Citation

Della Corte, Valerio and Federico, Stefano, Foreign Holders of Italian Government Debt Securities: New Evidence (October 26, 2016). Bank of Italy Occasional Paper No. 363. Available at SSRN: https://ssrn.com/abstract=2917146

Valerio Della Corte

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Stefano Federico (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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