Marijuana liberalization and public finance: A capital market perspective on the passage of medical use laws

• Main Authors: CHENG, Stephanie F., DE FRANCO, Gus, LIN, Pengkai
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2023
• 主題: Marijuana; Public Health; Public Finance; Municipal Bonds; Accounting; Health Policy
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1970; https://ink.library.smu.edu.sg/context/soa_research/article/2997/viewcontent/1_s2.0_S0165410122000398_main.pdf
• 機構: Singapore Management University

We find that the staggered passage of state-level laws that legalize marijuana for medical use increases states' borrowing costs by 7–9 basis points. Consistent with economic theory on substance use suggesting that marijuana legalization increases local consumption of the drug (by expanding its...