How do subnational governments react to shocks to different revenue sources? Evidence from hydrocarbon-producing provinces in Argentina
基于阿根廷1988-2003年的财政体制，研究了转移支付和碳氢化合物特许权使用费变化对省级公共消费和债务的影响，发现碳氢化合物生产省份将特许权使用费全部储蓄起来。
Based on the fiscal regime that prevailed in Argentina from 1988 to 2003, we estimate the effects of changes in intergovernmental transfers and hydrocarbon royalties on provincial public consumption and debt. Whenever intergovernmental transfers increase, all provinces primarily increase public consumption and, to a lesser extent, decrease their debt. However, when hydrocarbon-producing provinces experienced an increase in royalties, they saved the entire increase. We provide evidence that the exhaustible nature of royalties may explain this saving reaction in hydrocarbon-producing provinces.