Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …

We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by … focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their … allocations within the bond portfolios of US investors. Global factors, particularly the level of long-term US Treasury yields …

We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross …

bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond … these bonds. The only active margin is the short-term bond market, which involves partial roll over of such debt. Any active …

long as default is not preferable, remain passive in long-term bond markets, making payments and retiring long-term bonds …-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates … losses, as bond prices move against the sovereign. Our results hold regardless of the shape of the yield curve. The yield …

changed from positive to negative. A change in the comovement between inflation and the output gap explains changing bond …