Panel regression estimates for expenditures on the old age function as an independent variable
| Model 13 | Model 14 | Model 15 | Model 16 | |
|---|---|---|---|---|
| Dependent variable | lnFIEBinTE | lnFIEBinFE | lnFIECinTE | llFIECinFE |
| constant | −0.275 (1.225) | 1.477 (1.058) | −1.854 (1.484) | −0.524 (1.258) |
| Independent variable | ||||
| lnOA | 1.472*** (0.153) | 1.156*** (0.132) | 1.570*** (0.184) | 1.146*** (0.156) |
| Control variables | ||||
| lnGini | 0.866** (0.327) | 0.519 (0.281) | 1.023* (0.418) | 0.818* (0.354) |
| lnGE | −1.109*** (0.194) | −0.791*** (0.166) | −0.954*** (0.212) | −0.592*** (0.180) |
| lnFU | −0.272*** (0.050) | −0.242*** (0.043) | −0.321*** (0.061) | −0.277*** (0.052) |
| Fit statistics of models | ||||
| Breusch-Pagan test | χ2 (1) = 1320.95 p = 0 | χ2 (1) = 1391.97 p = 0 | χ2 (1) = 1040.81 p = 0 | χ2 (1) = 1068.24 p = 0 |
| Hausman test | χ2 (4) = 6.832 p = 0.145 | χ2 (4) = 5.380 p = 0.250 | χ2 (4) = 19.986 p = 0.001 | χ2 (4) = 18.297 p = 0.001 |
| Effects | random | random | Fixed | fixed |
| No. of countries | 24 | 24 | 21 | 21 |
| No. of observations | 362 | 362 | 294 | 294 |
| F | F(4,269) = 21.344 p = 0.000 | F(4, 269) = 17.035 p = 0.000 | ||
| χ2 | χ2(4) = 102.219 p = 0.000 | χ2(4) = 86.906 p = 0.000 | ||
| LSDV R2 | 0.913 | 0.935 | ||
| Within R2 | 0.241 | 0.202 | ||
| “Between” variance | 0.785 | 0.832 | ||
| “Within” variance | 0.059 | 0.043 | ||
| Model 13 | Model 14 | Model 15 | Model 16 | |
|---|---|---|---|---|
| Dependent variable | lnFIEBinTE | lnFIEBinFE | lnFIECinTE | llFIECinFE |
| constant | −0.275 (1.225) | 1.477 (1.058) | −1.854 (1.484) | −0.524 (1.258) |
| lnOA | 1.472*** (0.153) | 1.156*** (0.132) | 1.570*** (0.184) | 1.146*** (0.156) |
| lnGini | 0.866** (0.327) | 0.519 (0.281) | 1.023* (0.418) | 0.818* (0.354) |
| lnGE | −1.109*** (0.194) | −0.791*** (0.166) | −0.954*** (0.212) | −0.592*** (0.180) |
| lnFU | −0.272*** (0.050) | −0.242*** (0.043) | −0.321*** (0.061) | −0.277*** (0.052) |
| Breusch-Pagan test | ||||
| Hausman test | ||||
| Effects | random | random | Fixed | fixed |
| No. of countries | 24 | 24 | 21 | 21 |
| No. of observations | 362 | 362 | 294 | 294 |
| F | F(4,269) = 21.344 | F(4, 269) = 17.035 | ||
| LSDV | 0.913 | 0.935 | ||
| Within | 0.241 | 0.202 | ||
| “Between” variance | 0.785 | 0.832 | ||
| “Within” variance | 0.059 | 0.043 | ||
Note(s): Standard errors in parentheses, ***p < 0.001; **p < 0.01; *p < 0.05
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