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Copyright ©Inter-American Development Bank. This working paper may be reproduced for any non-commercial purpose. It may also be reproduced in any academic journal indexed by the American Economic Association's EconLit, with previous consent by the Inter-American Development Bank (IDB), provided that the IDB is credited and that the author(s) receive no income from the publication. and even less about the relationship between these effects. This paper assesses whether "winwin" scenarios are possible-that is, whether protected areas can both stem forest cover change and alleviate poverty. We examine protected areas in the Peruvian Amazon using high-resolution satellite images and household-level survey data for the early 2000s. To control for protected areas' nonrandom siting, we rely on quasi-experimental (matching) methods. We find that the average protected area reduces forest cover change. We do not find a robust effect on local communities. Protected areas that allow sustainable extractive activities are more effective in reducing forest cover change but less effective in delivering win-win outcomes.