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International portfolio frictions

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24510‎$a‎International portfolio frictions ‎$c‎by Wenxin Du... [et al.]
260  ‎$a‎Frankfurt‎$b‎EIOPA‎$c‎2025
300  ‎$a‎64 p.
4900 ‎$a‎EIOPA Occasional Research Paper‎$v‎02 April 2025
520  ‎$a‎The authors study the global asset allocation decisions of European insurers and banks to fixed-income securities using newly available supervisory data, and explore the implications for financial stability. They start from the observation that the total assets of insurance companies and pension funds (ICPF) far exceed the amount of government bonds outstanding in Europe, and that countries with a large ICPF sector tend to have a large corporate bond market. Domestically, insurers and banks largely follow the composition of the local fixed income market. However, they also have large allocations to foreign fixed-income securities. Our main finding is that the characteristics of domestic financial markets still loom large in insurers' and banks' portfolio allocations by documenting two new international portfolio frictions that play a prominent role
650 4‎$0‎MAPA20080601324‎$a‎Entidades financieras
650 4‎$0‎MAPA20080590567‎$a‎Empresas de seguros
650 4‎$0‎MAPA20080538217‎$a‎Banca
650 4‎$0‎MAPA20080588816‎$a‎Activos financieros
650 4‎$0‎MAPA20080565381‎$a‎Deuda pública
650 4‎$0‎MAPA20080556235‎$a‎Renta fija
650 4‎$0‎MAPA20110021238‎$a‎Estabilidad financiera
651 1‎$0‎MAPA20080640255‎$a‎Unión Europea
7102 ‎$0‎MAPA20110000226‎$a‎Autoridad Europea de Seguros y Planes de Pensiones