Marijuana liberalization and public finance: A capital market perspective on the passage of medical use laws
研究发现，美国各州逐步通过医用大麻合法化法律后，州政府的借贷成本上升了7-9个基点，主要机制是大麻消费增加导致相关公共支出（如警务、矫正和公共福利）上升。
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 availability and reducing its perceived risks), we predict and find that increased consumption represents an important mechanism that explains the higher state bond spreads. We also show that following such laws’ passage, states incur higher marijuana-consumption-related expenditures, including for police, corrections, and public welfare.