Patrick Leisibach, Simon Luechinger, Jonas Roellin, Christoph A Schaltegger
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The effects of natural resource revenues on municipal finance
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.
期刊介绍:
Economic Policy provides timely and authoritative analyses of the choices confronting policymakers. The subject matter ranges from the study of how individual markets can and should work to the broadest interactions in the world economy. Economic Policy features: Analysis of key issues as they emerge Views of top international economists Frontier thinking without technical jargon Wide-reaching coverage of worldwide policy debate