International Financial System And The Municipal Bond Issuance Model

Fiscal institutions have striking effect on the development ofmunicipal bonds. During the advance course of U.S. municipal bondmarket, the system of fiscal institutions and policies have greatlypromoted the development of municipal bonds, so U.S. municipal bondmarket have formed excellent system and exhibited various kinds. In ourcountry, the fiscal institutions, especially the fiscal institutions of the stategovernments, are in the process of change and exist many shortcomings,the risk of issuing general obligation bonds is very high, on the contrary,the revenue bonds should be our feasible choice.