State Fiscal Institutions and the U.S. Municipal Bond Market

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Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis State Fiscal Institutions and the U.S. Municipal Bond Market by : James M. Poterba

Download or read book State Fiscal Institutions and the U.S. Municipal Bond Market written by James M. Poterba and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new evidence on the effect of state fiscal institutions, particularly balanced-budget rules and restrictions on state debt issuance, on the yields on state general obligation bonds. We analyze information from the Chubb Relative Value Survey, which contains relative tax-exempt yields on the bonds issued by different states over the period 1973-1996. We find that states with tighter anti-deficit rules, and more restrictive provisions on the authority of state legislatures to issue debt, pay lower interest rates on their bonds. The interest rate differential between a state with a very strict anti-deficit fiscal constitution, and one with a lax constitution, is between fifteen and twenty basis points. States with binding revenue limits tend to face higher borrowing rates by approximately the same amount, while states with expenditure limits face lower borrowing costs. Thus fiscal restraints that control expenditures are viewed favorably by bond market participants, while those that restrict taxes, and therefore might interfere with the state's ability to repay interest, result in higher borrowing costs. The effect of strict fiscal institutions is particularly evident when a state's economy is weak. These results provide important evidence that bond market participants consider fiscal institutions in assessing the risk characteristics of tax-exempt bonds, and further support the view that fiscal institutions have real effects on fiscal policy outcomes.

State Fiscal Institutions and the U.S. Municipal Bond Market

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis State Fiscal Institutions and the U.S. Municipal Bond Market by :

Download or read book State Fiscal Institutions and the U.S. Municipal Bond Market written by and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Fundamentals of Municipal Bonds

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Publisher : John Wiley & Sons
ISBN 13 : 0470903384
Total Pages : 326 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis The Fundamentals of Municipal Bonds by : SIFMA

Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.

Trends and Changes in the Municipal Bond Market as They Relate to Financing State and Local Public Infrastructure

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Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Trends and Changes in the Municipal Bond Market as They Relate to Financing State and Local Public Infrastructure by : United States. General Accounting Office

Download or read book Trends and Changes in the Municipal Bond Market as They Relate to Financing State and Local Public Infrastructure written by United States. General Accounting Office and published by . This book was released on 1983 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Fundamentals of Municipal Bonds

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Publisher : John Wiley & Sons
ISBN 13 : 1118166841
Total Pages : 326 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Fundamentals of Municipal Bonds by : SIFMA

Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-10-25 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.

State Fiscal Institutions and the U.S. Municipal Bon Market

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Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (757 download)

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Book Synopsis State Fiscal Institutions and the U.S. Municipal Bon Market by : James M. Poterba

Download or read book State Fiscal Institutions and the U.S. Municipal Bon Market written by James M. Poterba and published by . This book was released on 1997 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market

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Publisher : McGraw Hill Professional
ISBN 13 : 0071809767
Total Pages : 284 pages
Book Rating : 4.0/5 (718 download)

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Book Synopsis INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market by : Philip Fischer

Download or read book INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market written by Philip Fischer and published by McGraw Hill Professional. This book was released on 2013-02-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maximize profits with the perfect balance between risk and reward Municipal bonds have traditionally given investors a reliable investment while providing state and local governments with an essential tool for funding public infrastructure projects. Now, the threat of municipalities defaulting and dramatic changes to the muni market’s fundamental operations have created an attractive hotbed of opportunity for today’s top institutional investors. Investing in Municipal Bonds is the retail investor’s road map to the lucrative market that is fueling the digital and physical highways of the future. Only Dr. Philip Fischer can offer such a brilliantly practical amalgam of big-picture financial theory and nuts-and-bolts bond calculations. His crystal-clear explanation of the muni market covers every aspect, including the various “personalities” and traits of different types of bonds. His hands-on strategies for earning more from your money will keep this book at your fingertips as you customize a profitable municipal bond portfolio to achieve your financial goals. Political and business leaders as well as financial professionals seek Dr. Fischer’s knowledge and firsthand insights into municipal securities, from day-to-day trading to milestone events like the 2008 financial crisis. Investing in Municipal Bonds shows you how it’s done on Wall Street, providing a wealth of pertinent examples from the real world. You can rely on this powerful guidebook for the know-how and skill set you need to confidently: Invest in fixed-rate and variable-rate bonds, including Variable Rate Demand Obligations (VRDOs) Identify different types of bonds and determine how they will be repaid Execute municipal bond-yield calculations Navigate the derivatives market, including LIBOR interest-rate swaps Weigh the benefits of taxable municipal bonds Research municipal securities using the online database of the Municipal Securities Rule Making Board (MSRB) Bond yields will eventually rebound from these historic lows and bring increased risk. Investing in Municipal Bonds will give you the knowledge you need to adjust your risk and balance profi t for continued success toward your financial goals. Praise for Investing in Municiple Bonds: “In addition to an accessible discussion of this unique market’s financial structures, Fischer provides the historical context for why the market evolved the way it did—and how that history may influence municipal bond investments in an era of slow economic growth and rising costs for retirees.” —MICHAEL STANTON, Publisher, The Bond Buyer “If there were a graduate program in Municipal Finance, Dr. Fischer’s treatise would quickly climb to the top of the syllabus.” —JAMES T. COLBY III, Senior Municipal Strategist/Portfolio Manager, Van Eck Global “Dr. Fischer brings a ‘what you need to know’ approach to the novice and the experienced practitioner alike. He poignantly relates how the very nuanced market structure influences and prices this market. Even with my over 25 years in the business, this book earns a trophy spot on my muni reference shelf.” —JOSEPH CAMPAGNA, Senior Vice President, BayernLB, Financial Institutions & Sovereigns “A well-written, thorough, and meticulous primer to the history, the instruments, and the segments that comprise the municipal bond market.” —PROFESSOR JOHN CHALMERS, Abbott Keller Distinguished Research Scholar, Associate Professor of Finance, Charles H. Lundquist College of Business, University of Oregon “If you would like to learn more about municipal bonds so that you know how to check off each item on the checklist, I highly recommend buying Investing in Municipal Bonds.” —DAVID WARING, LearnBonds

Building a Broader Market

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Author :
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis Building a Broader Market by : Twentieth Century Fund. Task Force on the Municipal Bond Market

Download or read book Building a Broader Market written by Twentieth Century Fund. Task Force on the Municipal Bond Market and published by McGraw-Hill Companies. This book was released on 1976 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fiscal Institutions and Fiscal Performance

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Publisher : University of Chicago Press
ISBN 13 : 0226676307
Total Pages : 402 pages
Book Rating : 4.2/5 (266 download)

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Book Synopsis Fiscal Institutions and Fiscal Performance by : James M. Poterba

Download or read book Fiscal Institutions and Fiscal Performance written by James M. Poterba and published by University of Chicago Press. This book was released on 2008-04-15 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies particularistic explanations aimed at internal economic developments within a specific country. Fiscal Institutions and Fiscal Performance shifts emphasis away from narrow economic factors to more broadly defined political and institutional factors that affect government policy and national debt. This collection brings together new theoretical models, empirical evidence, and a series of in-depth case studies to analyze the effect of political institutions, fiscal regulations, and policy decisions on accumulating deficits. It provides a fascinating overview of the political and economic issues involved and highlights the role of budgetary institutions in the formation of budget deficits.

Taxable Bond Alternative for State and Local Governments

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Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Taxable Bond Alternative for State and Local Governments by : United States. Congress. Joint Committee on Internal Revenue Taxation

Download or read book Taxable Bond Alternative for State and Local Governments written by United States. Congress. Joint Committee on Internal Revenue Taxation and published by . This book was released on 1976 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

State and Local Financial Instruments

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1783476176
Total Pages : 283 pages
Book Rating : 4.7/5 (834 download)

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Book Synopsis State and Local Financial Instruments by : Craig L. Johnson

Download or read book State and Local Financial Instruments written by Craig L. Johnson and published by Edward Elgar Publishing. This book was released on 2014-09-26 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This book covers the municipal securities market in the United States from the perspective of its primary capital financing role in

Municipal Bond Turmoil

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Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Municipal Bond Turmoil by : United States. Congress. House. Committee on Financial Services

Download or read book Municipal Bond Turmoil written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2008 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Chaos in the Municipal Bond Market

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Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.0/5 (17 download)

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Book Synopsis Chaos in the Municipal Bond Market by : United States. Congress. Joint Economic Committee

Download or read book Chaos in the Municipal Bond Market written by United States. Congress. Joint Economic Committee and published by . This book was released on 1982 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Alternatives to Tax-exempt State and Local Bonds

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Publisher :
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Alternatives to Tax-exempt State and Local Bonds by : United States. Congress. House. Committee on Ways and Means

Download or read book Alternatives to Tax-exempt State and Local Bonds written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1976 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Proposed Alternatives to Tax-exempt State and Local Bonds

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Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Proposed Alternatives to Tax-exempt State and Local Bonds by : American Enterprise Institute for Public Policy Research

Download or read book Proposed Alternatives to Tax-exempt State and Local Bonds written by American Enterprise Institute for Public Policy Research and published by . This book was released on 1973 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Encyclopedia of Municipal Bonds

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Publisher : John Wiley & Sons
ISBN 13 : 1118006755
Total Pages : 242 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Encyclopedia of Municipal Bonds by : Joe Mysak

Download or read book Encyclopedia of Municipal Bonds written by Joe Mysak and published by John Wiley & Sons. This book was released on 2012-01-03 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible reference that explores every aspect of the municipal bond market Until now, there has been no accessible encyclopedia, dictionary, nor guide to the world of municipal bonds. Comprehensive and objective, this groundbreaking volume covers the history and mechanics of the municipal market in clear and understandable terms. It covers all aspects of the market, including pricing, trading, taxation issues and yields, as well as topical events such as the financial crisis, hysteria about defaults and Chapter 9 municipal bankruptcy, fraud, and regulation. Encyclopedia of Municipal Bonds also contains entries on important historical events and provides much-needed context for this field. Everything you ever wanted to know about municipal bonds in one comprehensive resource Joe Mysak is the author of the Bloomberg bestseller Handbook for Muni Issuers Demystifies the world of municipal bonds for both the novice and professional investor Explores issues such as the Orange County bankruptcy, the Jefferson County default, the New York City financial crisis, and the surprisingly recent creation of the modern municipal market Encyclopedia of Municipal Bonds offers an essential reference guide for investors, professionals, regulators, insurers, and anyone else involved in the municipal bond market.

Efficiency in the Municipal Bond Market

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Author :
Publisher : JAI Press(NY)
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Efficiency in the Municipal Bond Market by : George G. Kaufman

Download or read book Efficiency in the Municipal Bond Market written by George G. Kaufman and published by JAI Press(NY). This book was released on 1981 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: