Why China's debt-ridden local governments left trillions of special bond proceeds unused

Anna Gelpern (PIIE), Omar Haddad (Oxford University), Sebastian Horn (University of Hamburg, Kiel Institute for the World Economy), Paulina Kintzinger (Kiel Institute for the World Economy), Bradley C. Parks (AidData, William & Mary) and Christoph Trebesch (Kiel University, Kiel Institute for the World Economy)