Cash Transfers and Parental Investments: Evidence from Bolsa Família Program
Abstract: This paper investigates whether a large-scale Conditional Cash Transfer program, Brazil's Bolsa Família, can impact parental involvement in children's education, a key factor in human capital accumulation understudied in this policy context. Exploiting a methodological change in new slots allocation across municipalities, I estimate the causal effect of increased municipality exposure to the program using a difference-in-differences approach and administrative data from the state of São Paulo. Higher program exposure enhanced parental supervision of homework and increased internet access at home, while having no significant effect on broader school involvement measures, such as attendance at parent-teacher meetings. These effects are concentrated among children from the most vulnerable households. Students from treated municipalities are also more likely to pass 9th grade and take the low-stakes state exam. A triple-difference strategy combining individual fixed effects further shows the academic gains are driven by students most likely to be Bolsa Família beneficiaries in the first year following the program's expansion.
Presentations: NEUDC 2026 Conference (Cornell Univ., NY, US)*; Royal Economic Society 2026 Conference (Newcastle, UK); Novafrica Conference on Economic Development 2026 (Lisbon, PT); COMPIE 2026 Conference (IÉSEG Paris, FR); CESifo Workshop on Economics of Education 2026 (Munich, DE); Leuven Economics of Education Conference 2026 (KU Leuven, BE); Lisbon Micro Group (ISEG Lisbon, PT); Nova SBE Ph.D. Seminar (Lisbon, PT).
Does Financial Education Impact School Attainment? Experimental Evidence from Brazil
with Ricardo A. Madeira (University of São Paulo) and Victor G. Vaccaro (Insper) [latest version] - Under Review
Abstract: Can an applied mathematics curriculum enhance student intrinsic motivation and improve math achievement? We tackle this question through a randomized control trial of a program that integrates financial education into the mathematics curriculum in Brazil. Spanning 190 public schools and over 15,000 students, our study reveals that the program significantly boosts students’ interest in mathematics and enhances financial literacy and math performance, particularly among students from poorer socioeconomic backgrounds. Initially, the program strengthens these students’ internal locus of control and broad interest in mathematics during the first year. By the second year’s conclusion, it positively impacts their financial literacy, math proficiency, and specific socio-emotional skills crucial for the labor market. However, we do not observe significant changes in self-reported financial behaviors or attitudes as measured by a financial autonomy index.
Presentations: LACEA-LAMES Annual Meeting 2024 (Montevideo, UY); Novafrica Conference on Economic Development 2024 (Lisbon, PT); KU Leuven & European Commission Conference on Financial Education 2024 (Brussels, BE); Brazilian Econometric Society Annual Meeting 2023 (Rio de Janeiro, BR); UCL Ph.D. Seminar (London, UK); Nova SBE Ph.D. Seminar (Lisbon, PT); Insper Ph.D. Seminar (São Paulo, BR).
Turning the Classroom Around: The Effects of Active Learning Training on Teacher Mindset
with Ricardo A. Madeira (University of São Paulo) and Victor G. Vaccaro (Insper) - [draft available upon request]
Can Federal Transfers Improve Learning Outcomes? Evidence from Exogenous Spending Variation in Brazilian Municipalities
with Anastasiya Yarygina (Inter-American Development Bank)