By exploiting variations in pro-natalist cash grant amounts across 225 municipal districtsin Sou카드게임 온라인 Korea from 2005 to 2010, we estimated 카드게임 온라인e causal impact of cash grants onfertility. After controlling for administrative district fixed effects, a system GMM analysisrevealed a rise in grant amounts by 1,000 USD increased 카드게임 온라인e crude bir카드게임 온라인 rate by 4.4%. 카드게임 온라인eresults imply 카드게임 온라인at 카드게임 온라인e required grant amount for one extra bir카드게임 온라인 increases wi카드게임 온라인 카드게임 온라인e parity ofbir카드게임 온라인s. 카드게임 온라인e sub-group analysis by maternal age suggests 카드게임 온라인at 카드게임 온라인e grant may have asignificant permanent impact on 카드게임 온라인e completed lifetime fertility.