The data that support the findings of this study are available from the corresponding author upon reasonable request. We would like to thank Nicolas Mancera for his research assistance. We are grateful to Oscar Becerra, Marcela Eslava, Leonardo Morales, Juan Camilo Chaparro, and two anonymous referees for their incisive comments on an earlier draft of this article. We also thank the participants of the 23rd Annual Latin American and Caribbean Economic Association (LACEA) Meeting at Escuela Superior Politécnica del Litoral (ESPOL), the 6th Annual Colombian Economic congress at Universidad de Los Andes, the Economics of Informality Conference at Universidad del Rosario, and the weekly economics seminar at Banco de la República de Colombia (Central Bank of Colombia). The opinions expressed herein belong to the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.
