We study the local effect of natural resource windfalls by examining a Peruvian natural experiment. We exploit the rules governing the allocation of the Camisea Fund for Socioeconomic Development (FOCAM) to identify the effect of the associated transfers on municipal accounts, local infrastructure, and economic development. We find evidence of positive impacts on municipal capital expenditures and local infrastructure. We also find evidence of a negative impact on municipal current expenditures. Specifically, we find that municipalities with low absorptive capacity coped with the increased administrative burden of FOCAM transfers by reallocating administrative effort away from executing current expenditures. (JEL H72, O13)

中文翻译：

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自然资源意外收获的财政影响：来自秘鲁自然实验的证据

我们通过检查秘鲁的自然实验来研究自然资源意外收获对当地的影响。我们利用管理 Camisea 社会经济发展基金 (FOCAM) 的分配规则来确定相关转移对市政账户、地方基础设施和经济发展的影响。我们发现了对市政资本支出和当地基础设施产生积极影响的证据。我们还发现了对市政当前支出产生负面影响的证据。具体来说，我们发现吸收能力低的城市通过重新分配行政工作而不是执行当前支出来应对 FOCAM 转移增加的行政负担。(JEL H72, O13)