A significant criticism of the charter school movement is that funding for charter schools diverts money away from traditional public schools. The magnitude of such adverse fiscal externalities depends in part on the nature of state and local funding policies. In this paper, we examine the fiscal effects of charter schools on both urban and nonurban school districts in North Carolina. We base our analysis on detailed balance sheet information for a sample of school districts that experienced substantial charter growth since the statewide cap on charters was raised in 2011. We find a large and negative fiscal impact in excess of $500 per traditional public school pupil in our one urban school district, which translates into an average fiscal cost of about $3,600 for each student enrolled in charter schools. We estimate comparable to somewhat larger fiscal externalities per charter school pupil for two nonurban districts.

中文翻译：

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特许学校的财政外部性：来自北卡罗来纳州的证据

对特许学校运动的重大批评是，对特许学校的资助将资金从传统的公立学校转移出去。这种不利的财政外部性的严重程度部分取决于州和地方融资政策的性质。在本文中，我们研究了北卡罗莱纳州市区和非市区学区的特许学校的财政影响。我们的分析基于资产负债表的详细信息，其中包括自2011年提高全州宪章上限以来经历了宪章大幅增长的学区的样本。我们发现，在我们的每个传统公立学校学生中，产生了超过500美元的巨大且负面的财务影响一个城市学区，每名注册特许学校的学生的平均财政成本约为3600美元。