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Optimality in Municipal Debt: A Comment and Respecification

Patrick Sullivan
Authors registered in the RePEc Author Service: James Xavier Sullivan

Public Finance Review, 1979, vol. 7, issue 3, 352-363

Abstract: The optimal level of debt financing by municipally owned and operated enterprises is examined, with particular emphasis placed on several misconceptions involved in an earlier article by Robert A. Collins. A respecified cost minimization model, taking the cost of risk bearing and the private rate of time preference into account, is proposed. The resulting policy implications for debt financing are very different from those argued by Collins and from those traditionally made for general-purpose municipal financing.

Date: 1979
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DOI: 10.1177/109114217900700306

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