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Individual Preferences as Supply Determinants in the Municipal and Federal Bond Markets

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  • Royd. Adams

    (Iowa State University)

Abstract

This paper adds to the small stock of existing literature on the determinants of individual preferences regarding tax postponement via government borrowing. It is shown that because of the treatment of personal interest receipts and payments under the progressive U.S. individual income tax, there is reason for low-income persons to prefer bond-financed tax postponement, while higher-income persons have reason to oppose government borrowing. Since the income level separating the groups with opposing preferences depends on both interest rate ratios and the income tax rate structure, it is possible to predict the effect of tax reforms, inflation, and political reforms upon the quantity of government borrowing and the interest rates which apply to it.

Suggested Citation

  • Royd. Adams, 1977. "Individual Preferences as Supply Determinants in the Municipal and Federal Bond Markets," Public Finance Review, , vol. 5(2), pages 175-202, April.
    • Handle: RePEc:sae:pubfin:v:5:y:1977:i:2:p:175-202
    DOI: 10.1177/109114217700500202
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    Cited by:

    1. Maria Teresa Balaguer-Coll & Mariya Ivanova-Toneva, 2019. "The impact women's leadership in local Governments: The case of Spain," Working Papers 2019/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    2. repec:cuf:journl:y:2017:v:18:i:1:moreno-enguix is not listed on IDEAS
    3. Maria del Rocio Moreno-Enguix & Ester Gras-Gil & Joaquin Hernandez-Fernandez, 2017. "An Explanation of Management of Local Governments in Spain Based on the Structure of the Internal Control System," Annals of Economics and Finance, Society for AEF, vol. 18(2), pages 393-410, November.
    4. Myungsoon Hur, 2001. "The Impact of Debt Financing on the Level of Capital Spending," International Review of Public Administration, Taylor & Francis Journals, vol. 6(2), pages 91-101, December.

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