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Borrowing for the future: The unintended consequences of build america bonds on low investment grade issuers of municipal bonds

Levine, Helisse ; Greaves, Paul

Journal of public budgeting, accounting & financial management, 2013, Vol.25 (3), p.556-574 [Periódico revisado por pares]

Boca Raton: Emerald Publishing Limited

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  • Título:
    Borrowing for the future: The unintended consequences of build america bonds on low investment grade issuers of municipal bonds
  • Autor: Levine, Helisse ; Greaves, Paul
  • Assuntos: American Recovery & Reinvestment Act 2009-US ; Blanket bond insurance ; Bond issues ; Bond markets ; Borrowing ; Capital markets ; Cost control ; Debt financing ; Government ; Income taxes ; Interest costs ; Keogh plans ; Municipal bonds ; Presidency ; Studies ; Subsidies ; Tax credits ; Tax rates ; Treasuries
  • É parte de: Journal of public budgeting, accounting & financial management, 2013, Vol.25 (3), p.556-574
  • Descrição: The Obama Administration has proposed reinstatement of the BABs program created as part of the 2009 ARRA legislation to put state and local governments on a fiscally sustainable path by supplementing their capacity to access the bond market. However, it is cost prohibitive to issue BABs and purchase municipal bond insurance. The research questions raised in this study are specific to the lower rated municipalities: 1) did they experience an increase in issuance during the BABs program and 2) what is the effect of BABs on the re-emergence of municipal bond insurance in facilitating access to the capital markets? G.O. debt issuance for years 2001-2011 and BABs data provided by Bloomberg and Thomson Reuters are used to develop a comparative analysis. Results suggest 1) highly rated issuers significantly benefitted and 2) G.O. insured debt issued during the BABs program was down 30% for lower rated issuers when compared to the pre-BABs period.
  • Editor: Boca Raton: Emerald Publishing Limited
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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