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    The Municipal Bond Federal Tax Exemption and National Credit Conditions

    Cover for The Municipal Bond Federal Tax Exemption and National Credit Conditions
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    View/Open: Karjeker_georgetown_0076M_11703.pdf (139kB) Bookview

    Creator
    Karjeker, Alexander Jonathan
    Advisor
    Larrimore, Jeffrey
    Abstract
    THE MUNICIPAL BOND FEDERAL TAX EXEMPTION AND NATIONAL CREDIT CONDITIONS
     
    Alexander J. Karjeker, B.S., B.A.
     
    Thesis Advisor: Jeffrey Larrimore, Ph.D.
     
     
     
    ABSTRACT
     
    This paper builds on existing literature in estimating the determinants of municipal bond interest rates (yields). Much of that body of work has taken into account various factors, including most prominently, federal income tax rates and the municipal bond interest exemption. After the most recent financial crisis and policy response, new market data has become available to measure the riskiness of these bonds during a major recession and liquidity crunch. Further, current policy discussions now include the removal of the exemption. This research will examine what effect such policy would have on municipal bond yields and additionally, whether that effect would be the same or different in a post-financial crisis environment. The results indicate that a change in this policy would increase yields in a statistically significant way. However, changing policy in a post-financial crisis environment would not move yields in a perceivable way, though the effect is statistically significant. These are important conclusions for policy makers to consider when evaluating budgetary priorities.
     
    Description
    M.P.P.
    Permanent Link
    http://hdl.handle.net/10822/557838
    Date Published
    2012
    Subject
    municipal bonds; tax exempt; tax policy; tax reform; yield determinants; Public policy; Finance; Economics; Public policy; Finance; Economics;
    Type
    thesis
    Publisher
    Georgetown University
    Extent
    29 leaves
    Collections
    • Graduate Theses and Dissertations - Public Policy
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    Georgetown University Seal
    ©2009 - 2023 Georgetown University Library
    37th & O Streets NW
    Washington DC 20057-1174
    202.687.7385
    digitalscholarship@georgetown.edu
    Accessibility