MMA's Doe: If History Is Guide, 2003 Will See Record Issuance

Hume, Lynn
May 2003
Bond Buyer;5/6/2003, Vol. 344 Issue 31629, p1
Trade Publication
The municipal bond issuance has risen since 2000 after the end of a recession, according to president of Municipal Market Advisors Inc., Thomas G. Doe. 2003 is the third year since the National Bureau of Economic Research declared the end of a recession, Doe said at a session called “The Municipal Bond Market 2003: Trends and Outlooks.” The reason for these historical trends is that there is a lag time in the response to changing economic conditions, he said. When the nation is in a recession, states and localities are losing some of their tax base and are losing revenue. They typically turn to the capital markets to get money. As the economy recovers, governmental revenues rise again. Interest rates rise and governments no longer need to turn to the debt market for funds.


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