In 1980, Chile dramatically reformed its retirement system, replacing what was an old insolvent PAYGO program with a new structure that relies heavily on funded defined contribution individual accounts. In addition, eligibility and benefit requirements were standardized, and a safety net for...

Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial...

This study isolates the causal effects of financial literacy and schooling on wealth accumulation using a new household dataset and an instrumental variables (IV) approach. Financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear...

This paper provides new evidence of sharp differences in cognitive development by socioeconomic status in early childhood for five Latin American countries using a common measure of receptive language ability. We find important differences in development in early childhood across countries and...

By using a synthetic cohort methodology, this paper contributes to the analysis of the evolution of female labour force participation in Chile over the last forty years. We decompose the participation rate in terms of age, year and cohort effects. The results of the estimations show that the age...

Research from the United States shows that gaps in early cognitive and noncognitive abilities appear early in the life cycle. Little is known about this important question for developing countries. This paper provides new evidence of sharp differences in cognitive development by socioeconomic...