Table 2 Dynamic System GMM Regression Model (Pre-Global Financial Crisis)

ln PHE_it-1

0.620***

0.647***

0.623***

0.603***

0.635***

0.624***

(0.010)

(0.010)

(0.004)

(0.011)

(0.011)

(0.014)

ln TR_it

0.106***

0.084***

(0.013)

(0.015)

ln DT_it

0.011***

0.027***

(0.002)

(0.007)

ln IT_it

−0.053***

−0.041***

(0.004)

(0.008)

FB_it

−0.001***

− 0.001***

− 0.002***

(4.83e-05)

(6.32e-05)

(0.0002)

ln DEBT_it

0.022***

0.017***

0.016***

(0.002)

(0.001)

(0.001)

ln PCGDP_it

0.009***

0.018***

0.032***

0.026***

0.010***

0.006*

(0.0006)

(0.001)

(0.001)

(0.002)

(0.003)

(0.003)

ln AGING_it

0.037***

0.020

0.041**

0.043***

0.049***

0.024

(0.006)

(0.014)

(0.017)

(0.005)

(0.011)

(0.020)

ln IMR_it

−0.038***

−0.042***

−0.001

−0.013*

−0.034***

−0.073***

(0.009)

(0.011)

(0.008)

(0.007)

(0.011)

(0.012)

Constant

0.080

0.459***

0.063

0.137***

0.063

0.552***

(0.055)

(0.062)

(0.066)

(0.033)

(0.055)

(0.071)

AB test AR(2) (p -level)

0.749

0.840

0.661

0.808

0.664

0.662

Sargan test (p -level)

1.000

1.000

1.000

1.000

1.000

1.000

Observations

491

491

491

491

491

491

Number of id

76

76

76

76

76

76