Fig. 8
From: Understanding Swiss real interest rates in a financially globalized world
The Supply of Government Bonds and the Convenience Yield. This figure represents the convenience yield of the Swiss franc versus the euro, constructed with Swiss and German bond yields at five-year maturity Du et al. (2018), along with the Swiss and German public debts (as a percentage of GDP), from the IFS (IMF). We represent both the total debt and the total net of the domestic central bank’s holdings. The left scale corresponds to the public debt ratios, while the right scale corresponds to the convenience yield