Dr. Karen Lewis and coauthors report that investors’ portfolio allocations have shifted toward riskier investments, rather than fixed-income securities. This is part of a global trend, where local-currency government bond yields are associated with lower bond-portfolio shares and higher holdings of mutual funds and foreign assets. At the 2026 Pension Research Council Symposium, Dr. Lewis examined what this transition could mean for the stability of government debt markets as populations age and public borrowing rises.
Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7327538
Presentation: 2026 PRC Symposium: Karen K. Lewis
