International portfolio frictions

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<title>International portfolio frictions</title>
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<namePart>Autoridad Europea de Seguros y Planes de Pensiones</namePart>
<nameIdentifier>MAPA20110000226</nameIdentifier>
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<issuance>monographic</issuance>
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<placeTerm type="text">Frankfurt</placeTerm>
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<publisher>EIOPA</publisher>
<dateIssued>2025</dateIssued>
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<abstract displayLabel="Summary">The 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</abstract>
<note type="statement of responsibility">by Wenxin Du... [et al.]</note>
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<topic>Entidades financieras</topic>
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<topic>Empresas de seguros</topic>
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<topic>Banca</topic>
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<topic>Activos financieros</topic>
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<topic>Deuda pública</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080556235">
<topic>Renta fija</topic>
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<topic>Estabilidad financiera</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080640255">
<geographic>Unión Europea</geographic>
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<title>EIOPA Occasional Research Paper</title>
<partNumber>02 April 2025</partNumber>
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