The fourth, fifth and sixth columns show the results of the models estimated using instrumental variables. The fourth column shows the results of using household assets as instruments, while controlling for community fixed effects. The fifth column also uses household assets as instruments but it conditions on a wide set of community characteristics instead of using community fixed effects. The last column uses average wages in the municipality as instruments. Though the IV estimates are less accurate than the OLS ones, our estimates are significantly different from zero at the 95% of confidence. The point estimates are much larger.
