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LIMITATIONS ON STATE AND LOCAL GOVERNMENT BORROWING FOR PRIVATE PURPOSES

This paper provides an economic explanation for the variation across states in the use of tax-exempt state and local government bonds to finance private investment It is argued that, contrary to popular wisdom, private-activity bonds do impose costs on the issuing jurisdiction. The use of these bonds is modeled as if a government official were selecting the cost-minimizing combination of private-activity bonds and other incentives in support of private economic activity. Estimation undertaken using data on industrial development bonds is consistent with the hypothesis that the jurisdiction's use of these bonds depends on the relative prices of the various economic development tools.