Dynamic effects of blacklisting.

Note: The table reports first difference estimates with the dependent variable being the change in the log of yearly newly deforested area. Standard errors, clustered at district level, are reported in parentheses. Time-invariant and time-variant controls include first differences of the variables reported in S2 Table. Observations are selected by a 1:1 closest neighbor matching using inverse-variance variance weights, with replacement.*,*** denote significance at the 10/1% level.Dynamic effects of blacklisting.