000			01466nab a2200265 c 4500
999			_c149574 _d149574
003			ES-MaIEF
005			20240604101013.0
007			ta
008			240604t2024 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_971793 _aSt. Clair, Travis
245		4	_aThe supply elasticity of municipal debt _bevidence from bank-qualified bonds _c Travis St. Clair
500			_aResumen.
504			_aBibliografía.
520			_aThis paper provides estimates of the supply elasticity of municipal debt by exploiting a discrete jump in interest rates created by the Tax Reform Act of 1986. To qualify for bank financing of tax-exempt debt, governments can issue no more than $10 million of nominal debt per year. Using bunching methods, I quantify the intensive margin responses to the notch for local governments. The estimates indicate that the average government lowers its borrowing by approximately 5 percent in response to an 8–17 percent increase in interest costs, implying an overall price elasticity of −0.3 to −0.6.
650		4	_942648 _aDEUDA PUBLICA LOCAL
650		4	_933436 _aBONOS MUNICIPALES
650		4	_943296 _aELASTICIDAD
650		4	_944038 _aEXENCIONES TRIBUTARIAS
650		4	_947388 _aINFRAESTRUCTURAS
650		4	_944260 _aFINANCIACION
650		4	_aESTADOS UNIDOS _942888
773	0		_9171815 _oOP 233/2024/1 _tNational Tax Journal _w(IEF)86491 _x 0028-0283 _g v. 77, n. 1, March 2024, p. 111-139
942			_cART