Global Financial Stability Report, April 2012: The Quest for Lasting Stability by International Monetary Fund

Author:International Monetary Fund
Language: eng
Format: epub
Publisher: Vearsa
Published: 2012-03-31T04:00:00+00:00

Figure 3.7. Banks’ Holdings of Sovereign Debt, by Selected Country, End-September 2011

(In percent)

Sources: Bankscope; and IMF staff estimates.

Note: Data are as of end-September 2011 or latest available. Estimates only reflect data for banks—mostly larger banks—with information in Bankscope.

Banks’ demand for government bonds is also linked to their symbiotic relationship with their respective governments. Some banks act as primary dealers and market makers for government bonds and support secondary market liquidity for such bonds through active trading. For example, 46 of the 71 banks that were part of the 2011 EU capital exercise are primary dealers of domestic government bills or bonds.19 Primary dealer arrangements are also common in Canada, Japan, the United States, and other advanced economies, though their requirements and obligations vary considerably across countries.

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