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This paper examines the effects of non-contributory pension programs at the federal and state levels on Mexican households’ saving patterns using micro data from the Mexican Income and Expenditure Survey. The federal program by itself appears to reduce the saving rate of households whose oldest member is either 18 to 54 or 65 to 69. State programs by themselves have no significant effects on household saving rates in the smallest localities, but in larger localities they may reduce the saving of households with members in their sixties. The combination of both types of programs generally does not have statistically significant effects on households’ aggregate saving, probably because each program seems to affect different population strata. No significant effects are found for households whose oldest member is age-eligible (70 and older). Within specific investment categories, evidence is found of increases in human capital and in durable and financial goods for some age groups. Finally, the paper provides evidence on household-level labor supply responses.
This paper explores the potential of financial education programs for kids. We conducted a randomized controlled trial to evaluate the impact of a large-scale pilot program carried out in 150 public high schools, in six regions in Peru. Although the treatment was only moderately intensive, the pilot program was extremely effective: students’ financial literacy improved by 0.14 standard deviation ... (View publication)
This paper examines the effects of Argentina’s Plan de Inclusión Previsional (PIP), which changed the pension system in a way that generated a new noncontributory pillar, produced a huge expansion in pension coverage between 2005 and 2008 and a transfer of a vast amount of resources to households. Using a difference in differences methodology it is found that the PIP policy has reduced the in ... (View publication)
Using data from a randomized controlled trial in 300 public high schools in Peru, this paper studies the potential of school-based financial education programs for youth. The intervention improves students’ and teachers’ financial knowledge by 0.14 SD and 0.32 SD, respectively. The impact of the intervention also extends to socioemotional traits and behavior, as sizable positive impacts on sel ... (View publication)
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