2019-08-092019-08-092019-08-06http://repositorio.redinvestigadores.org/handle/Riec/33We provide evidence on the long-run impact of vouchers for private secondary schools, evidence collected twenty years after students applied for the vouchers. Prior to the voucher lottery, students applied to either an academic or vocational secondary school, an important mediating factor in the vouchers’ impacts. We find strong tertiary education and labor market effects for those students who applied to vocational schools with almost no impact on those who applied to academic schools. The labor market gains for vocational students are strongest at the top of the distribution and null at the bottom of the distribution. We find additional long-run impacts on consumption, and teen-age fertility. The expected net present value of benefits to participants and to taxpayers was large and positive implying that the program was welfare improving unless net externalities were large and negative78 páginas : gráficas, tablasPDFengOpen AccessWorking paperE51 - Money Supply; Credit; Money MultipliersH24 - Personal Income and Other Nonbusiness Taxes and SubsidiesI22 - Educational Finance; Financial AidI23 - Higher Education; Research InstitutionsI26 - Returns to EducationJ13 - Fertility; Family Planning; Child Care; Children; YouthSchool choiceScholarshipsFormal earningsAccess to higher educationAccess to consumer creditFertilityFinanciación de la educación -- ColombiaCalidad de la educación -- ColombiaCambio social -- ColombiaMercado laboral -- ColombiaAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0E51 - Oferta monetaria; Crédito; Multiplicadores monetariosH24 - Impuesto y subvenciones de la renta personal y otras rentas no empresarialesI22 - Financiación de la educación; Ayuda financieraI23 - Centros de enseñanza superior y de investigaciónI26 - Los rendimientos de la educaciónJ13 - Fecundidad; Planificación familiar; Atención a la infancia; Infancia; Jóvenes