Table 3 Dynamic System GMM Regression Model (Post-Global Financial Crisis)

ln PHE_it-1

0.621***

0.575***

0.568***

0.553***

0.610***

0.610***

(0.007)

(0.011)

(0.006)

(0.016)

(0.015)

(0.013)

ln TR_it

−0.035

0.016

(0.025)

(0.012)

ln DT_it

0.020***

0.004

(0.007)

(0.009)

ln IT_it

− 0.024*

−0.069***

(0.013)

(0.007)

FB_it

−0.011***

−0.011***

− 0.011***

(0.0001)

(0.0001)

(0.0002)

ln DEBT_it

−0.008**

−0.015***

− 0.010***

(0.003)

(0.001)

(0.002)

ln PCGDP_it

−0.013***

− 0.016***

0.010***

−0.009***

0.005

−0.009

(0.0007)

(0.002)

(0.003)

(0.002)

(0.006)

(0.008)

ln AGING_it

0.065

0.267***

0.091***

0.248***

0.012

0.214***

(0.063)

(0.032)

(0.033)

(0.048)

(0.026)

(0.038)

ln IMR_it

−0.150***

−0.027**

−0.011

−0.010

− 0.111***

−0.044*

(0.013)

(0.011)

(0.014)

(0.022)

(0.011)

(0.024)

Constant

0.973***

0.249***

0.229**

0.178

0.641***

0.476***

(0.140)

(0.067)

(0.101)

(0.156)

(0.100)

(0.167)

AB test AR(2) (p -level)

0.103

0.086

0.086

0.086

0.104

0.089

Sargan test (p -level)

1.000

1.000

1.000

1.000

1.000

1.000

Observations

303

303

303

303

303

303

No. of Country

77

77

77

77

77

77