According to a recent report by Swiss Re, had government bonds been trading closer to their “fair value,” insurers in America and Europe would have earned some $40-$80 billion from 2008 to 2013 (assuming a typical 50-60% allocation to fixed income). For public pension funds, an additional 1% yield during this period would have increased annual income by $40-50 billion.
一阶影响显而易见。机构投资者难以在任何传统安全投资中获得正实际收益率。比如，寿险公司为了兑现保证回报率而焦头烂额。据瑞士再保险公司（Swiss Re）的最新报告，如果政府债券以接近于“公平价值”的价格交易，2008—2013年美国和欧洲保险公司可以赚得400—800亿美元（假设其50—60%的投资配置给固定收益证券，这也是典型的做法）。对公共退休基金来说，这段时间增加1%的收益率每年能新增收益400—500亿美元。