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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w16008 |
来源ID | Working Paper 16008 |
Build America Bonds | |
Andrew Ang; Vineer Bhansali; Yuhang Xing | |
发表日期 | 2010-05-20 |
出版年 | 2010 |
语种 | 英语 |
摘要 | Build America Bonds (BABs) are a new form of municipal financing introduced in 2009. Investors in BAB municipal bonds receive interest payments that are taxable, but issuers receive a subsidy from the U.S. Treasury. The BAB program has succeeded in lowering the cost of funding for state and local governments with BAB issuers obtaining finance 54 basis points lower, on average, compared to issuing regular municipal bonds. For institutional investors, BAB issue yields are 116 basis points higher than comparable Treasuries and 88 basis points higher than comparable highly rated corporate bonds. For individual investors, BABs have lower yields than regular municipal bonds. Thus, on average the Federal government subsidy disadvantages individual U.S. taxpayers, who are the main holders of municipal bonds, and benefits new entrants in the municipal bond market. |
主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; Taxation |
URL | https://www.nber.org/papers/w16008 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573682 |
推荐引用方式 GB/T 7714 | Andrew Ang,Vineer Bhansali,Yuhang Xing. Build America Bonds. 2010. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w16008.pdf(89KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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