FEDERAL TAXATION AND THE SUPPLY OF STATE DEBT
成果类型：
Article
署名作者：
METCALF, GE
署名单位：
National Bureau of Economic Research
刊物名称：
JOURNAL OF PUBLIC ECONOMICS
ISSN/ISSBN：
0047-2727
DOI：
10.1016/0047-2727(93)90066-3
发表日期：
1993
页码：
269-285
关键词：
摘要：
This paper presents a model of debt finance at the sub-national level from which municipal bond supply equations are derived. Federal tax considerations are shown to be important determinants of the price entering the bond supply equation. Using data on 40 state governments over a seven-year period in the 1980s, I show that federal tax rates have an important effect on the supply of municipal bonds - independent of the demand-side effect that is usually considered in the literature. This has implications for the measurement of the tax expenditure associated with tax-exempt debt.
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