Full faith-and-credit obligations

Definition:

The security pledges for larger municipal bond issuers, such as states and large cities that have diverse funding sources.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Financial meltdown

Refers to events like steep fall in stock markets, decline in asset values, corporate losses etc. that hurt the economy and lead to losses for investors.

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