Environmental conditional cash transfers are popular but their impacts are not well understood. We evaluate land cover and wealth impacts of a federal program that pays landowners for protecting forest. Panel data for program beneficiaries and rejected applicants allow us to control for fixed differences and time trends affecting both groups. We find the program reduces the expected land cover loss by 40–51 percent and generates small but positive poverty alleviation. Environmental gains are higher where poverty is low while household gains are higher where deforestation risk is low, illustrating the difficulty of meeting multiple policy goals with one tool. (JEL I32, I38, O13, O15, Q23, Q28, Q56)

Natural resource managers are often expected to achieve both environmental protection and economic development even when there are fundamental trade-offs between these goals. Adaptive management provides a theoretical structure for program administrators to balance social priorities in the presence

Each year, 1.3 million people are killed on roads worldwide, and as many as 50 million are injured (WHO 2015). Approximately, 90% of deaths and injuries from traffic accidents occur in low-and middle-income countries, where direct and indirect costs are close to US$65 billion a year, exceeding the total amount of developmental assistance that these countries receive. 1 WHO (2015) forecasts that there will be almost 1.8 million traffic fatalities annually by 2030, and that traffic deaths will be the leading cause of death among those 15-29 years old. According to the Economic Commission for Latin America and the Caribbean (ECLAC 2015), the rate of fatalities from traffic accidents in the region grew from 14.75 to 17.68 deaths per 100,000 population between 2000 and 2010, an increase of 20%. This fatality rate is almost twice the level observed in highincome countries (10 per 100,000 population) (Diez-Roux et al. 2012). Traffic deaths and injuries have become a major health and development concern. Research by Wijnen and Stipdonk (2016) shows that social costs of road crashes in highincome countries range from 0.5 to 6% of GDP, with an average of 2.7%. For low-and

Rapid population growth, urbanization, and widespread use of motor vehicles have generated large mobility challenges in urban areas of Latin America and the Caribbean (LAC), including high rates of congestion, traffic accidents, and pollution (CAF 2010). Although a significant share (68%) of passenger travel in LAC cities is on public transit or shared systems (Estupiñan et al. 2018), the supply of high-quality public transport has not kept pace with the growth in transport demand (IDB 2013). In combination with increased incomes and, in some cases, policies directed at encouraging purchases of new cars, this has generated a surge in motorization rates (De la Torre et al. 2009), leading to increased pressure on urban transport infrastructure.

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