An International Study of Tax Effects on Government Bonds
证明仅凭付息债券不足以覆盖对普通收入、资本利得和非应税财富的纯时间债权，并指出各国付息债券的相对定价与主要政府债券持有者的税收地位一致。
ABSTRACT 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 of coupon bonds in each of these countries is shown to be consistent with the tax status of the major (non‐tax‐exempt) holders of government debt.