US State Fiscal Policy and Natural Resources

• 成果类型: Article
• 署名作者: James, Alexander
• 署名单位: University of Alaska System; University of Alaska Anchorage
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20130211
• 发表日期: 2015
• 页码: 238-257
• 关键词: economic-growth; CORRUPTION; education; taxation

摘要

An analytical framework predicts that, in response to an exogenous increase in resource-based government revenue, a benevolent government will partially substitute away from taxing income, increase spending and save. Fifty-one years of US-state level data are largely consistent with this theory. A baseline fixed effects model predicts that a $1.00 increase in resource revenue results in a $0.25 decrease in nonresource revenue, a $0.43 increase in spending and a $0.32 increase in savings. Instrumenting for resource revenue reveals that a positive revenue shock is largely saved and the rest is transferred back to residents in the form of lower nonresource tax rates.