谁持有主权债，以及它为什么重要

Core Viewpoint - The article discusses the increasing global debt levels over the past two decades and emphasizes the importance of understanding the composition of sovereign debt holders, which has been underexplored in existing literature [3][5]. Group 1: Research Background and Data Construction - The paper constructs a dataset of sovereign debt holders across 101 countries from 1991 to 2018, categorizing investors into six types: domestic banks, private non-banks, official investors, foreign banks, foreign private non-banks, and foreign official investors [5][4]. - The dataset integrates data from multiple sources, including the IMF, World Bank, and central banks, covering 24 developed countries, 48 emerging markets, and 29 developing countries [5][4]. Group 2: Marginal Holders of Government Debt - The study finds that private non-bank investors hold 62% of newly issued debt on the margin, despite averaging only 44% of total sovereign debt holdings [7]. - In developed, emerging, and developing countries, private non-bank investors are the most active marginal investors, with emerging markets showing significant contributions from both domestic and foreign private non-banks [7]. Group 3: Analysis of Private Non-Bank Institutions - The paper segments private non-bank investors into domestic and foreign categories, revealing that in the U.S. Treasury market, 70% of marginal holdings by domestic private non-banks come from money market funds and hedge funds [9]. - In the UK, insurance and pension funds account for 50% of domestic private non-bank marginal holdings, while in the Eurozone, investment funds dominate with 78% of marginal holdings in foreign sovereign debt [9]. Group 4: Demand Elasticity Analysis of Sovereign Debt - The paper develops a framework to analyze the demand elasticity of sovereign debt, focusing on how price changes affect investor demand [10][12]. - It finds that private non-bank institutions exhibit higher demand price elasticity compared to banks, with foreign private non-bank investors showing a demand price elasticity of -9.74, indicating a strong sensitivity to price changes [12].