See OECD (2006), Pension fund demand for high-quality long-term bonds: Quantifying potential scarcity of suitable instruments, in: Financial Market Trends, April 2006. BIS Review 62/2006  3  3.3  Ageing and monetary policy  The final question, ie the impact of ageing on monetary policy, is a research issue still in its infancy.
First of all, the financial landcape has changed. Until, say, twenty years ago, the financial sector was clearly segmented. There was a distinction between financial intermediaries and financial markets. In addition, there was a rather strict distinction between types of financial institutions: banks, insurance companies and investment funds.