Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/310318 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Technical Paper No. 12/2024
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
Government bond markets play a critical role in the smooth functioning of the financial system, in the conduct and transmission of monetary policy and in the economy as a whole. Maintaining resilient government bond markets is fundamental for policymakers and authorities. This note examines the German and Italian government bond markets, with a special focus on liquidity and on the role played by banks vs. non-banks. To this end, the holding and market structure of the German and Italian government bond markets are analysed at the granular sectoral level. We also look at the trading activities of various market participants in the repo and futures market. This comprehensive analysis enhances the understanding of government bond market dynamics, investor behaviour, and liquidity, providing insights for policymakers and market participants.
Schlagwörter: 
government bonds
repo
futures
market structure
banks
non-bank financial intermediaries
financial stability
JEL: 
G10
G21
G23
Dokumentart: 
Working Paper
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