Investing Cash Transfers to Raise Long-Term Living Standards

• 成果类型: Article
• 署名作者: Gertler, Paul J.; Martinez, Sebastian W.; Rubio-Codina, Marta
• 署名单位: University of California System; University of California Berkeley; Inter-American Development Bank; University of London; London School Economics & Political Science
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.4.1.164
• 发表日期: 2012
• 页码: 164-192
• 关键词: permanent income hypothesis; program; POOR; consumption; migration; IMPACT

摘要

Using data from a randomized experiment, we find that poor rural Mexican households invested part of their cash transfers from the Oportunidades program in productive assets, increasing agricultural income by almost 10 percent after 18 months of benefits. We estimate that for each peso transferred, households consume 74 cents and invest the rest, permanently increasing long-term consumption by about 1.6 cents. Results suggest that cash transfers can achieve long-term increases in consumption through investment in productive activities, thereby permitting beneficiary households to attain higher living standards that are sustained even after transitioning off the program.