This study presents the first quantitative impact evaluation of the Juntos conditional cash transfer
program in Peru using non-experimental evaluation techniques. Overall, the analysis suggests that Juntos
is improving a number of key welfare indicators of program beneficiaries. Specifically, Juntos has a
moderate impact in reducing poverty and increasing monetary measures of both income and
consumption. In addition, and similar to evidence from other countries, the program increases the
utilization of health services for both children and women, and it improves nutritional intake of program
households. In education, the analysis shows that as in other CCT contexts where primary school
attendance is high, Juntos has impacts mainly at transition points, ensuring that children enter and finish
primary school. The majority of these indicators are also increasing with the length in the program.
There is also no evidence to suggest that the program creates unintended effects in a number of potential
areas (reduction in adult work, increases in fertility rates or consumption of alcohol). Despite these
positive effects, no impacts are found on final outcomes indicators such as malnutrition or anemia. This
result is consistent with the international experience, which suggests that for these types of impacts, CCT
schemes need to be complemented by adequate supply of health services (in both quantity and quality) as
well as interventions that can better promote health and education practices. In this sense, the potential
of Juntos to improve on these areas remains untapped.