The Fiscal Impact of Natural Resource Windfalls: Evidence from a Peruvian Natural Experiment
利用秘鲁卡米塞亚社会经济发展基金的分配规则，研究自然资源意外之财对地方财政、基础设施和经济发展的影响，发现对资本支出有正面影响，但对经常性支出有负面影响，尤其是吸收能力低的地区。
We study the local effect of natural resource windfalls by examining a Peruvian natural experiment. We exploit the rules governing the allocation of the Camisea Fund for Socioeconomic Development (FOCAM) to identify the effect of the associated transfers on municipal accounts, local infrastructure, and economic development. We find evidence of positive impacts on municipal capital expenditures and local infrastructure. We also find evidence of a negative impact on municipal current expenditures. Specifically, we find that municipalities with low absorptive capacity coped with the increased administrative burden of FOCAM transfers by reallocating administrative effort away from executing current expenditures. <i></i>