Nao Sudo and Yasutaka Takizuka, "Population Aging and the Real Interest Rate in the Last and Next 50 Years: A Tale Told by an Overlapping Generations Model," Bank of Japan Working Paper Series, no.18-E-1, January 2018, https://www.boj.or.jp/en/research/wps_rev /wps_2018/data/wp18e01.pdf.
For Italian banks, whose ratio of lending to the more stable forms of funding approaches 120 per cent, these measures provided the means to cope with the decline in international interbank funding that began in mid-2011 and to redeem their maturing bonds. In 2012 residents’ deposits and bank bonds held by households expanded by € billion.