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Although essentially devoted to natural conservation, protected areas are increasingly created with the aim of also promoting local economic development. Many hopes have been placed in these areas, supposedly leading to increased tourism and in-migration, as well as fostering economic diversification. This literature review identifies the different effects of protected natural areas on local economies. Contrary to what is commonly assumed, these measures do not consistently foster tourist development. Some studies suggest that the main benefits are more related to increased in-migration and, potentially, to the production of labeled regional products. In addition, traditional economic sectors may be adversely affected by new environmental rules, and local residents may suffer from higher housing prices. Finally, the economic impact of protected areas largely depends on the regional context and on local and site management policies. Overall, while such measures may not be sufficient on their own to foster economic development, they can, however, be an effective development tool where specific conditions are met.