Models of expenditures on social protection benefits (lnSP)
| Variable | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Constant | 3.49*** (0.33) | 3.64*** (0.23) | 3.89*** (0.24) |
| Independent variables | |||
| lnWPE | 0.08* (0.04) | ||
| lnWME | 0.04** (0.01) | ||
| lnGPG | −0.05** (0.01) | ||
| Control variables | |||
| lnEL | 0.004 (0.03) | 0.03 (0.03) | 0.004 (0.04) |
| lnUE | 0.12*** (0.03) | 0.12*** (0.03) | 0.11*** (0.03) |
| lnGini | −0.27** (0.09) | −0.29** (0.08) | −0.27** (0.08) |
| Fit statistics | |||
| No. of countries | 27 | 27 | 27 |
| No of observations | 480 | 480 | 463 |
| Wald test | χ2(27) = 1645.57, p = 0 | χ2(27) = 2082.06, p = 0 | χ2(27) = 1737.54, p = 0 |
| Wooldridge test | F(1, 26) = 299.90, p < 0.001 | F(1, 26) = 288.84, p < 0.001 | F(1, 26) = 236.98, p < 0.001 |
| Pesaran CD test | z = 32.78, p < 0.001 | z = 32.57, p < 0.001 | z = 27.05, p < 0.001 |
| F | F(4, 26) = 11.30, Prob > F = 0.000 | F(4, 26) = 8.13, Prob > F = 0.0002 | F(4, 26) = 16.01, Prob > F = 0.000 |
| Within R2 | 0.16 | 0.17 | 0.17 |
| Variable | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Constant | 3.49*** (0.33) | 3.64*** (0.23) | 3.89*** (0.24) |
| lnWPE | 0.08* (0.04) | ||
| lnWME | 0.04** (0.01) | ||
| lnGPG | −0.05** (0.01) | ||
| lnEL | 0.004 (0.03) | 0.03 (0.03) | 0.004 (0.04) |
| lnUE | 0.12*** (0.03) | 0.12*** (0.03) | 0.11*** (0.03) |
| lnGini | −0.27** (0.09) | −0.29** (0.08) | −0.27** (0.08) |
| No. of countries | 27 | 27 | 27 |
| No of observations | 480 | 480 | 463 |
| Wald test | |||
| Wooldridge test | |||
| Pesaran CD test | z = 32.78, | z = 32.57, | z = 27.05, |
| F | |||
| Within R2 | 0.16 | 0.17 | 0.17 |
Note(s): ***p < 0.001, **p < 0.01, *p < 0.05; DKSE – Driscoll-Kraay standard errors in brackets
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