Discussion of "Demographic Fractionalization and the Municipal Bond Market" by Daniel Bergstresser, Randolph Cohen, and Siddharth Shenai.

The article presents a discussion of the paper "Demographic Fractionalization and the Municipal Bond Market" by Daniel Bergstresser, Randolph Cohen and Siddharth Shenai. Topics covered include the relationship between ethnic and religious diversity and municipal borrowing costs and the limit of efficiency of the U.S. municipal bond market. Also mentioned is the issuance of bonds by more diverse localities in the secondary market.