The price of political polarization: Evidence from municipal issuers during the coronavirus pandemic.
The price of political polarization: Evidence from municipal issuers during the coronavirus pandemic.
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DOI：
10.1016/j.frl.2022.102781
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发表时间：
2022-06
影响因子：
10.4
通讯作者：
Liu S
中科院分区：
文献类型：
--
作者：
Chen Z;Li Z;Liu S
本研究估计了 COVID-19 大流行期间公民政治两极分化给美国地方政府带来的财务成本。我们通过总统选举中公民的投票结果来衡量当地的政治极化。我们发现当地政治两极分化导致美国市政当局发行的债券收益率更高。当地大流行病例的数量夸大了对借贷成本的影响，这表明政治两极分化阻碍了政府针对大流行病的措施的制定和执行。本研究强调了金融市场和当地政治意识形态共同影响社会福利的机制。
This study estimates the financial costs imposed by political polarization among citizens on U.S. local governments during the COVID-19 pandemic. We measure local political polarization by using citizens’ voting results in the presidential elections. We find local political polarization leads to higher offering yield of the bonds issued by the U.S. municipalities. The impact on borrowing costs is exaggerated by the number of pandemic cases in the local area, suggesting political polarization hinders the making and enforcement of government measures for the pandemic. This study highlights the mechanisms through which financial markets and local political ideology jointly affect social welfare.
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