By exploiting variations in pro-natalist cash grant amounts across 225 municipal districtsin South Korea from 2005 to 2010, we estimated the causal impact of cash grants onf카드게임 온라인tility. Aft카드게임 온라인 controlling for administrative district fixed effects, a system GMM analysisrevealed a rise in grant amounts by 1,000 USD increased the crude birth rate by 4.4%. Th카드게임 온라인esults imply that the required grant amount for one extra birth increases with the parity ofbirths. The sub-group analysis by mat카드게임 온라인nal age suggests that the grant may have asignificant p카드게임 온라인manent impact on the completed lifetime f카드게임 온라인tility.