Wei, Xiaokun; Ruan, Qingsong; Lv, Dayong; Liu, Mengsha; … - In: Borsa Istanbul Review 23 (2023) 3, pp. 647-661
-level air pollution on local government financing costs. We find that cities with severe air pollution tend to have higher … municipal corporate bond spreads, indicating that air pollution leads to higher local government financing costs. Moreover, air …, implicitly guaranteed by governments at lower administrative levels, and issued by local government financing vehicles located in …