Investing Cash Transfers to Raise Long-Term Living Standards
基于随机实验数据，发现墨西哥贫困家庭将部分现金转移用于生产性投资，18个月后农业收入增长近10%，每转移1比索长期消费永久增加约1.6美分。
Using data from a randomized experiment, we find that poor rural Mexican households invested part of their cash transfers from the Oportunidades program in productive assets, increasing agricultural income by almost 10 percent after 18 months of benefits. We estimate that for each peso transferred, households consume 74 cents and invest the rest, permanently increasing long-term consumption by about 1.6 cents. Results suggest that cash transfers can achieve long-term increases in consumption through investment in productive activities, thereby permitting beneficiary households to attain higher living standards that are sustained even after transitioning off the program.