Competition across money managers, along with market entry, in theory could ensure that capital market remains competitive. But in Chile, which has had a privatized pension system for 25 years, high rates of switching between the funds and little downward movement on fees, have been interpreted...

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...

This paper studies the effects of school vouchers in Chile, which adopted a nationwide school voucher program 25 years ago. Chile has a relatively unregulated, decentralized, competitive market in primary and secondary education and therefore provides a unique setting in which to study how...

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...

La Encuesta de Protección Social (EPS) representa el esfuerzo más sistemático y riguroso de levantamiento de información sobre el mercado laboral y el sistema de protección social chileno basado en datos longitudinales. Esta encuesta surge en el año 2002 producto de la iniciativa de la...

Chile’s innovative privatized pension system has been lauded as possible model for Social Security system overhauls in other countries, yet it has also been critiqued for not including a strong safety net for the uncovered sector. In response, the Bachelet government in 2008 implemented...

This paper presents a comprehensive analysis of the gender differences in the Chilean labor market. We formally deal with the selection of the individuals into schooling levels and its consequences on the gender gaps. Our approach allows for the presence of not only heterogeneity in observable...

This paper presents a complete analysis of the gender differences in three Chilean professional’s labor market: Business, Law and Medicine. In the analysis, we utilize a new and rich data set collected for this effect. This data set contains information on labor market outcomes (including...