Our research seeks to determine the impact on female labor outcomes of the amendment on the Colombian labor law in which maternity leave was extended from 12 to 14 weeks (through Law 1468 of July 2011). To identify this impact we compare labor market outcomes of two groups of women with differences in their fertility rates. We find evidence that as a result of the extension of the maternity leave period, women in the high-fertility age group have experienced an increase in inactivity rates, informality, and self-employment. We argue that a redesign of maternity protection policy is due, one through which the economic and social costs of bearing children are shared by both parents and which may generate social change regarding the importance of paternal care. JEL classification: J08, J2, J3, J7, K31
We argue that international lenders take into account that taxes (or subsidies) a¤ect borrowers'income available for debt repayments. Using an endowment-economy model, we show that by incorporating this fact into the analysis of …nancial crises from the pecuniary externality perspective, ex-post interventions are completely ine¤ective to manage crises and, instead, ex-ante capital controls are useful for correcting the externality that stems from the underestimation of the social costs of decentralized debt decisions.
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