Table 1.

Descriptive statistics

Variable	Source	Mean	SD	N	n(countries)	t(years)
Unexpected change in e65	Human Mortality Database	0.46	0.56	1,301	30	1960–2019
Expected change in e65	Human Mortality Database	0.18	0.45	1,301	30	1960–2019
ln(GDP per capita)	Penn World Table	10.24	0.48	1,291	30	1960–2019
Old dependency ratio	World Bank	21.31	4.97	1,301	30	1960–2019
Young dependency ratio	World Bank	30.77	7.69	1,301	30	1960–2019
Total fertility rate	World Bank	1.82	0.47	1,301	30	1960–2019
Public old-age spending (% of GDP)	OECD	6.68	2.49	902	29	1980–2018
Public family spending (% of GDP)	OECD	2.03	1.00	902	29	1980–2018
Female LFP rate	OECD	63.10	11.20	1,036	30	1963–2019
Openness to trade	World Bank	79.32	51.86	1,173	30	1960–2019
Gini index	World Bank	31.49	4.18	491	29	1967–2018
Old tertiary education rate	OECD	21.03	9.49	656	29	1981–2019
Young tertiary education rate	OECD	35.40	12.72	656	29	1981–2019

Notes. Mean and standard deviation of each variable for the estimation sample. Unexpected and expected change in life expectancy at age 65 (e65) are defined as in Eq. 15 with n = 5. See Section 4 for more details