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Banking Consolidation Raises the Costs for Local Governments to Issue New Debt

New research from Renping Li finds that consolidation among investment banks has produced higher underwriting costs for local governments in issuing muni bonds. Importantly, Li says these costs are not offset by efficiency gains and that the result is a deterioration in local government finances.

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Deadline: June 30 — Stigler Center-CEPR Political Economy of Finance Conference 2024: Corporate Democracy

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