Markets price politicians: Evidence from China’s municipal bond markets

ACDE Seminar


Yao Yang, National School of Development, Peking University


Other, please see description for details


Tuesday, 23 February, 2021 - 14:00 to 15:30

Markets not only allocate resources, but may also punish or reward politicians for economic performance. In this paper, we study China’s municipal bond markets and find that bonds issued by more competent mayors enjoy lower interest rates. Our simultaneous equation estimation finds that mayors’ abilities—measured by their personal contributions to their cities’ economic growth—affect bond prices by pushing the investors’ supply of funds outward.

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