An international study of tax effects on government bonds (English)

It is shown that coupon bonds alone are not sufficient to span time-dated claims on ordinary income, capital gains and non-taxable wealth. In an incomplete bond market where the pure dated claims are not spanned by existing bonds, marginal rates of substitution between present consumption and pure dated claims on ordinary income, capital gains income, and non-taxable wealth, respectively, can differ across bondholders. However, the relative pricing...

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Author

Litzenberger, R.;

Rolfo, J.;
Document Date
1984/03/31
Document Type
Journal Article
Report Number
REP310
Volume No
1
Total Volume(s)
1
Disclosure Date
2010/07/12
Disclosure Status
Disclosed
Doc Name
An international study of tax effects on government bonds
Keywords
tax rate

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Citation

Litzenberger, R.; Rolfo, J..

An international study of tax effects on government bonds (English). World Bank reprint series ; no. REP Washington, D.C. : The World Bank. http://documents.worldbank.org/curated/en/850291468178770383

An international study of tax effects on government bonds (English)

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