| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30280 |
| 来源ID | Working Paper 30280 |
| Natural Disasters and Municipal Bonds | |
| Jun Kyung Auh; Jaewon Choi; Tatyana Deryugina; Tim Park | |
| 发表日期 | 2022-07-25 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Climate change is increasing the frequency of natural disasters, which could make municipal bonds a riskier asset class. We study the effects of natural disasters on municipal bond returns, exploiting the repeat sales approach to overcome the challenge that municipal bonds trade extremely infrequently. We find substantial price effects that materialize gradually: returns of uninsured bonds fall slowly in the weeks following a disaster, by 0.31% on average, translating into investor losses of almost $10 billion. Source of bond revenue, bond insurance, disaster severity, federal disaster aid, and local financial conditions all affect the magnitude of the price effects. |
| 主题 | Financial Economics ; Financial Markets ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w30280 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587953 |
| 推荐引用方式 GB/T 7714 | Jun Kyung Auh,Jaewon Choi,Tatyana Deryugina,et al. Natural Disasters and Municipal Bonds. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30280.pdf（635KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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