@SteveRoth What might predict these degrees? All govts have obligations to our purchase large quantities of current public goods. For the purpose of this analysis, we’ll pretend those obligations are constant across governments, although of course they are not, quite. That’s a wrinkle for later. Then what predicts the degree that states use taxes+regulatory tools to support the value of the securities they issue vs generating claims whose value exceeds the cost of debt issuance, like a bank? 6/