We examine the determinants of the realized bid-ask spread in the U.S. corporate, municipal and government bond markets … markets, the bid-ask spread increases in the remaining-time-to maturity of a bond. The corporate bond spread also increases in … credit risk and the age of a bond. The municipal bond spread increases in the after-tax bond yield. Controlling for others …

.S. government bond yields to long-term EME bond yields. Using panel data from a broad array of EMEs, our empirical estimates suggest … ownership share of emerging market debt. This, in turn, is estimated to reduce government bond yields in EMEs by approximately 1 … reductions in longer-term EME government bond yields. These effects are qualitatively similar to conventional U.S. monetary …