investors in the sovereign bond market. We use a firm level panel dataset that covers large insurance companies, banks and non … on European data, we show that risks in sovereign bond portfolios are an important driver of insurer risk, which is not …A sovereign debt crisis can have significant knock-on effects in the financial markets and put financial stability at …

We study what makes government bonds a safe asset. Building on a sample of monthly changes in government bond yields in … changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good …