Fiscal windfalls and entrepreneurship: fostering entry or promoting incumbents?
研究秘鲁政府转移支付冲击带来的财政意外之财如何影响创业，发现转移支付增加导致更多企业进入正规借贷且表现更好，同时减少了在位企业退出但恶化了问题企业的绩效。
Abstract We study the impact of government fiscal windfalls on entrepreneurship through an analysis of shocks to transfer payments in Peru. These pure transfers generate higher government spending, and we contrast the impacts on incumbent firms and entrants. Incumbent exits from the financial system are reduced, but previously troubled firms experience deteriorating performance. Increased transfers result in higher rates of firm entry into formal borrowing and superior entrant outcomes. Overall, startups outperform non-startups after heightened transfers.