Rules for Recovery: Impact of Indexed Disaster Funds on Shock Coping in Mexico
研究了墨西哥指数化灾害基金（Fonden）如何通过缓解流动性约束和行政能力不足，加速灾后经济恢复，发现符合条件的地区在灾后一年夜间灯光亮度高出6%。
Government provision of disaster transfers is typically hampered by liquidity constraints and by weak rules and administrative capacity to disburse reconstruction resources. We show that by easing these hurdles, Mexico’s indexed disaster fund (Fonden) considerably accelerates economic recovery after a disaster. To estimate Fonden impact on recovery, as measured by night lights, we exploit the heavy rainfall index that determines program eligibility. We find that for one year after a disaster, eligible municipalities are 6 percent brighter than those ineligible, with gains likely concentrated among less resilient municipalities. We additionally document how Fonden rules shield resources from political abuse.