In this paper we consider the multiplexing of independent stochastic f
luid sources onto a single buffer. The rate at which a source generate
s fluid is assumed to be modulated by a Markov regenerative process. W
e develop the exponential decay rates for the tails of the steady-stat
e distribution of the buffer content. We also develop expressions for
the effective bandwidths for such sources. All the results are in term
s of the Perron-Frobenius eigenvalue of a matrix defined for the Marko
v regenerative source. As a special case we derive similar results for
regenerative sources. We apply the results to video sources.