The Demand for Government Debt

The authors thank Lukas Schmid (editor), two anonymous referees, Ryan Banerjee, Claudio Borio, Stijn Claessens, Sebastian Doerr, Mathias Drehmann, Chuck Fang, Zhiyu Fu, Bryan Hardy, Kristy Jansen, Chanik Jo, Andras Lengyel, Benoit Nguyen, Hyun Song Shin, Emil Siriwardane, Frank Smets, Karamfil Todorov, Dimitri Vayanos, Egon Zakrajsek, Haonan Zhou, and seminar participants at the Chicago Booth Treasury Markets Conference 2025, Bank of Canada-Chicago Fed-San Francisco Fed Conference 2025, European Finance Association 2024, Society of Financial Studies Cavalcade Asia-Pacific 2024, York Asset Pricing Workshop 2024, Bank of Japan/Institute for Monetary and Economic Studies - Bank of Korea/Economic Research Institute Research Workshop 2025, Korea University, Bank of England, University of Bristol, Bank for International Settlements, and European Stability Mechanism for helpful comments and discussions. Alexis Maurin provided excellent research assistance. The views in this article are those of the authors and should not be attributed to the Bank for International Settlements. All errors are our own.