然而，在2004年曾对最新的这种免税期的进行过一项调查，结果表明免税期对就业和投资的作用微乎其微，因为大部分的盈利都分给了股东。
However, a study of the most recent such tax holiday, in 2004, suggested it had little effect on employment and investment, with most of the benefits going to shareholders.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
与主权债务价值有关的资产投资者还是可以通过购买主权CDS来规避承受风险，但是这种免税权适用于哪种财产尚不明确。
Investors in assets that are correlated with the value of sovereign debt will still be allowed to hedge their exposure by buying sovereign CDSs but it is unclear to what assets that exemption applies.
应用推荐