A Ganzstellensatz for semi-algebraic sets and a boundedness criterion for rational functions

Let $\langle K,\nu \rangle$ be a real closed valued field, and let $S\subseteq K^n$ be an open semi-algebraic set. Using tools from model theory, we find an algebraic characterization of rational functions which admit, on $S$, only values in the valuation ring. We use this result to deduce a criterion for a rational function to be bounded on an open semi algebraic subset of some irreducible variety over a real closed field or over an ordered field which is dense in its real closure.