Municipal Bond Markets

Détails

ID Serval
serval:BIB_0A8E95C08A33
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Municipal Bond Markets
Périodique
Centre for Economic Policy Research
Auteur(s)
Schuerhoff N., Li D., Cestau D., Hollifield  B.
Statut éditorial
Publié
Date de publication
06/11/2018
Langue
anglais
Résumé
The effective functioning of the municipal bond market is crucial for the provision of public services, as it is the largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation effects in municipal bonds. Recent regulatory initiatives to improve transparency have made granular trade data available to researchers, rendering it a natural laboratory to study financial intermediation, asset pricing in decentralized markets, and local public finance. Trade-by-trade studies have found large trading costs, contemporaneous price dispersion and other deviations from the law-of-one- price. More research is required to understand optimal market design and the impact of post-crisis regulation, sustainability, and financial technology.
Mots-clé
Municipal Bonds, muni-bond puzzle, Over-the-counter markets, trading cost, centrality premium, electronification, green bonds
Création de la notice
20/02/2019 12:12
Dernière modification de la notice
21/08/2019 6:12
Données d'usage