国际清算银行：20024年政府债券市场的中央清算报告：确保“安全资产”的安全？（英文版）

While the volume of sovereign bonds has grown and will continue to grow, the balance sheets of dealers who intermediate these flows increased substantially less (Graph 1.B). As a result, the additional projected increase in sovereign debt will put further pressure on dealers’ balance sheets. In the United States (Duffie et al (2023)) and in Europe (Ferrara et al (2024)), there is evidence that market functioning is significantly impaired if dealers already hold many bonds on their books. Whil