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XF-KVQFPSD-X
Research / Academic Paper ACTIVE

Sea-Level Rise Exposure and Municipal Bond Yields

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Abstract

Abstract Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish between the effects of underlying asset values and of uncertainty. The SLR exposure premium exhibits a trend different from house prices and is unaffected by house price controls. Together, our results highlight the importance of climate uncertainty in driving municipal bond prices. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

Source: resolved

Document Metadata

Issuer
National Bureau of Economic Research
Document Type
Research / Academic Paper
Publication Year
2023
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFKVQFPSDX
Validation
Inferred by XFID

Topics

Bond PricingPhysical Climate Risk

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Academic / report citation
National Bureau of Economic Research (2023). Sea-Level Rise Exposure and Municipal Bond Yields. XFID: XF-KVQFPSD-X. Retrieved from https://xframework.id/XFKVQFPSDX
Identifier only
XF-KVQFPSD-X