Municipal Bond Markets
本文综述了市政债券市场的研究，指出近期透明度改革使交易数据可用，揭示了高交易成本和价格偏离一价定律的现象，并呼吁进一步研究市场设计、危机后监管、可持续性和金融科技的影响。
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 the municipal bond market a natural laboratory for the study of 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.