| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13301 |
| DP13301 Municipal Bond Markets | |
| Norman Schürhoff; Dan Li; Burton Hollifield | |
| 发表日期 | 2018-11-06 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics |
| 关键词 | Municipal bonds Muni-bond puzzle Over-the-counter markets Trading cost Centrality premium Electronification Green bonds |
| URL | https://cepr.org/publications/dp13301 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542113 |
| 推荐引用方式 GB/T 7714 | Norman Schürhoff,Dan Li,Burton Hollifield. DP13301 Municipal Bond Markets. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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