This paper shows that returns to education are not enough to capture all the returns to human capital. Using longitudinal data of all college graduates in Colombia, we estimate labor market returns to postsecondary degrees and to various skills— including literacy, numeracy, foreign language,...

The recent financial crisis has initiated pressures for not only policy reform but also fundamental institutional fiscal reforms. This paper explores the connection between economic crises and fiscal institutional reforms in a region that has experienced plenty of both in recent years, namely...