Industrial Concentration, Property Values, and Municipal Bond Spreads
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This paper shows that the industrial composition of a city's local economy affects its municipal borrowing costs. In a panel of 1,177 U.S. cities from 2005 to 2022, greater sectoral concentration magnifies default risk and raises bond spreads, especially for cities dominated by industries associated
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美国国家经济研究局创建时间：
2026-05-01
