极端高温的定价效应：中国市政公司债券的证据

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-08-23 DOI:10.1016/j.econlet.2024.111933

Yalin Song , Chang Wang

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引用次数: 0

摘要

气候变化和极端天气事件的升级危害着全球的每一个角落。极端高温是地方政府满足财政需求的重要工具，本文研究了极端高温对中国新发行的市政公司债券（MCBs）利差的影响。我们发现，相对于 16 ℃-20 ℃ 的参考温度范围，平均气温超过 32 ℃ 的每多一天，市政公司债券的发行利差就会增加 2.48 个基点。研究结果凸显了极端气温对金融市场的风险增加效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Pricing effects of extreme high temperature: Evidence from municipal corporate bonds in China

Climate change and the escalation of extreme weather events jeopardize every corner of the globe. This paper investigates the impact of extreme high temperatures on the spread of newly issued municipal corporate bonds (MCBs) in China, which serves as a crucial instrument for local governments to meet the financial demands. We find that relative to the reference temperature range of 16 °C–20 °C, the issuing spread of MCBs increases by 2.48 basis points for each extra day where the mean temperature surpasses 32 °C. The findings highlight the risk-increasing effects of extreme temperatures in financial markets.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.