[Aggregate shocks and investment in human capital: higher educational achievement during the lost decade in Mexico.].

This article documents a negative aggregate response in the attainment of postsecondary education (more than 12 years of schooling) in Mexico to the recession of 1982-83 and the stagnation that followed. The response was not homogeneous across genders, regions or family backgrounds. Males experienced a drop in attainment and females experienced a slowdown in attainment growth. On average, states with greater pre-shock educational attainment experienced larger drops. There was no clear trend for the response by family background. However, a negative effect is found even between siblings. The evidence suggests a demand side story: the drop in household income seems to be the main determinant of the fall/slowing down in attainment. The conclusion is that the recession and the lack of growth that ensued had a sizeable and lasting negative impact on skill formation in Mexico.