(1)	(2)	(3)	(4)	(5)	(6)
	Log THE per capita	Imm, index	LE	Log U5M	Log MM	CHE10
Variables	FE	FE	FE	FE	FE	FE
Predominant government financing	0.043	3.804	1.341**	−0.083**	−0.040	−3.256***
	(0.041)	(2.921)	(0.579)	(0.036)	(0.040)	(0.931)
Predominant SHI	0.117***	−1.486	−0.128	0.051	0.034	6.467***
	(0.035)	(1.606)	(0.395)	(0.037)	(0.067)	(1.129)
Log GDP per capita (PPP)	0.698***	3.591	1.038	−0.315***	−0.515***	1.230
	(0.093)	(3.776)	(0.643)	(0.097)	(0.178)	(2.073)
Corruption control	0.099**	3.783*	−0.087	−0.058	0.029	2.662**
	(0.041)	(2.225)	(0.577)	(0.043)	(0.079)	(1.140)
Government effectiveness	0.030	−1.636	0.125	−0.088**	−0.041	1.968
	(0.044)	(1.874)	(0.350)	(0.038)	(0.068)	(2.521)
% of population above 65	0.000	−0.389	−0.263*	0.022*	0.049	−0.020
	(0.019)	(0.954)	(0.156)	(0.013)	(0.035)	(0.453)
% population below 14	−0.017*	0.645**	0.335***	−0.029***	−0.035**	0.224
	(0.009)	(0.321)	(0.074)	(0.008)	(0.016)	(0.235)
Urbanization (%)	−0.009	0.364**	0.073	0.003	0.005	0.175
	(0.006)	(0.164)	(0.055)	(0.006)	(0.013)	(0.176)
Access to drinking water (% population)	−0.003	0.474	0.150***	−0.007	0.002	0.074
	(0.005)	(0.298)	(0.042)	(0.004)	(0.012)	(0.080)
Enrollment to primary school (gross, % population	−0.002	0.035	0.019	0.002	−0.001	−0.080*
	(0.002)	(0.075)	(0.017)	(0.001)	(0.002)	(0.040)
Gini index	0.005	0.259*	−0.009	0.004	0.006	0.018
	(0.004)	(0.152)	(0.035)	(0.003)	(0.004)	(0.099)
Country FE	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES
Adjusted R2	0.869	0.177	0.752	0.879	0.646	0.224
Observations	950	970	970	970	970	407
Number of countries	124	124	124	124	124	111

Notes: FE estimates are the result of Equation (1). Robust SEs, clustered at country‐level, in parentheses. Details on HFS switches are detailed in Appendix 3. All models control for all variables listed as “control” in Table 2. p‐values for two‐sided t‐tests are reported as: ***p < 0.01, **p < 0.05, *p < 0.1.

Source: Author elaboration.