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This paper utilizes wealth shocks from winning lottery prizes to examine thecausal effect of financial resources on fertility. We employ extensive panelsof administrative data encompassing over 0.4 million lottery winners in Taiwanand implement a triple-differences design. Our analyses reveal that asubstantial lottery win can significantly increase fertility, the impliedwealth elasticity of which is around 0.06. Moreover, the primary channelthrough which fertility increases is by prompting first births among previouslychildless individuals. Finally, our analysis reveals that approximately 25% ofthe total fertility effect stems from increased marriage rates following alottery win.

The Effect of Financial Resources on Fertility: Evidence from Administrative Data on Lottery Winners