The effects of natural resource revenues on municipal finance
利用瑞士1987-2015年市政数据，研究水力发电税收收入对地方财政政策的影响，发现税收收入增加会降低税率和税收收入，但对支出影响不显著。
Abstract We investigate how revenues from taxing hydropower production affect local fiscal policy with data for municipalities in Switzerland in 1987–2015. Our instrumental variable approach uses exogenous variation in these revenues by combining the municipality-specific hydropower potential with the varying federally mandated ceiling on taxation of hydropower production. We find negative effects on tax rates and tax revenues, but insignificant spending effects. These results provide fresh evidence on how local authorities use exogenous revenues and on the flypaper effect for a setting with strong local fiscal autonomy and participatory institutions.