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Full Description
Most of the schools built in the United States, as well as many public facilities, must be financed by borrowing in the capital markets. Until recently, when strongly competing capital demands have interfered, the privilege of tax exemption has made state and local government borrowing relatively easy. Dr. Robinson has made an extensive study of the changing market value of tax exemption and of its effect on the yield of various securities. His analysis, which shows that the lessened value of tax exemption may well encourage administrative and financial reform in state and local governments, is of importance to finance authorities, institutional investors, and security analysts. Originally published in 1960. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions.
The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Contents
*Frontmatter, pg. i*Relation of The Directors to The Work and Publications of The National Bureau of Economic Research, pg. vi*Foreword, pg. ix*Preface, pg. xiii*Contents, pg. xvii*Tables, pg. xxi*Charts, pg. xxiv*Summary and Conclusions, pg. 1*Chapter 1. Problems of the Market for State and Local Government Securities, pg. 19*Chapter 2. The Demand for Funds by State and Local Governments, pg. 37*Chapter 3. The Supply of Funds by Investors in State and Local Government Obligations, pg. 67*Chapter 4. The Marketing of New State and Local Government Issues, pg. 101*Chapter 5. The Secondary Market for State and Local Government Obligations, pg. 137*Chapter 6. Tax-Exempt Interest as a Cost to Borrowing Governments and as a Yield to Investors, pg. 158*Chapter 7. The Market for Tax-Exempt Revenue Obligations, pg. 202*Appendix A. Statistics of State and Local Government Debt, 1945-1956, pg. 213*Appendix B. Results of Conventional (Nonaccrual) Method of Computing Interest Cost Which Prevails in Competitive Bidding for State and Local Government Issues, pg. 217*Index, pg. 225
