Local development that money cannot buy: Italy’sContratti di Programma
评估意大利一项主要的地方发展政策（《项目合同》）的效果，发现该政策对企业和就业增长影响有限，且可能挤出了周边地区的经济增长。
The study evaluates the effectiveness of a major Italian place-based policy (<it>Contratti di Programma</it>), by means of which the state approves and finances investment projects proposed by private firms. Using the areas to be exposed to the same policy at a later date as counterfactuals, the study finds little evidence of it having had a positive effect. It estimates a limited impact on plant and employment growth rates, which is confined to a small area (a single municipality) and likely crowds out the economic growth of the surrounding areas.