G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w16008
来源IDWorking 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
URLhttps://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
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Andrew Ang]的文章
[Vineer Bhansali]的文章
[Yuhang Xing]的文章
百度学术
百度学术中相似的文章
[Andrew Ang]的文章
[Vineer Bhansali]的文章
[Yuhang Xing]的文章
必应学术
必应学术中相似的文章
[Andrew Ang]的文章
[Vineer Bhansali]的文章
[Yuhang Xing]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w16008.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。