Efectos de las restricciones de liquidez en la acumulación de capital humano: evidencia para Nicaragua

Abstract

The aim of this paper is to evaluate the effects of liquidity constraints on investment in human capital in a developing country. The methodology and the data used allow the identification of individuals and households restricted directly using alternative definitions of financial constraints. The data come from the Encuesta Nacional de Hogares y Medición de Nivel de Vida (ENMV) of Nicaragua for the years 1998 and 2005. The estimates support the hypothesis that restrictions on the access to loans reduce attendance at all educational levels.