Global central bank policy that has driven down interest rates to boost economic growth will cost investors about $163 billion over a 10-year period, according to Deutsche Bank AG.

Yields on government debt have fallen about 81 basis points since the third quarter of 2010 amid $1.74 trillion of debt issuance as central banks expanded their balance sheets, Dominic Konstam, global head of interest-rates research at Deutsche Bank in New York, wrote Aug. 10 in a research report.

"It seems to be taken for granted now that central bank policies have implicitly underwritten a period of financial repression by artificially suppressing returns," Deutsche Bank said. "For the issuer this is the mirror image of the benefit in terms of lower borrowing costs."