Table 13.

Summary all results from Government Spending Reallocation Model.

Growth rate of GDP per capita (4 years)	Public Admin	Defense	Order	Economic	Environment	Housing	Culture	Health	Education	Social Protection
Financing Component
(Public Admin)	X				${-}^{**}$		${-}^{***}$		${+}^{**}$
(Defense)	${+}^{**}$	x					${-}^{***}$		${+}^{***}$
(Order)			x				${-}^{***}$		${+}^{***}$
(Economic)	${+}^{***}$			x			${-}^{***}$		${+}^{**}$
(Environment)	${+}^{***}$				x		${-}^{***}$		${+}^{***}$
(Housing)						x	${-}^{***}$		${+}^{***}$
(Culture)				${-}^{*}$			X		${+}^{**}$
(Health)	${+}^{**}$						${-}^{***}$	x	${+}^{**}$
(Education)							${-}^{*}$		X
(Social Protection)							${-}^{***}$		${+}^{**}$	x

Note: This table estimates the Effects of Old-Age Populations and Reallocation of Government Spending across various functions on economic growth (4 years) using two-step System GMM. For two-step System GMM, we put lagged Dependent Variable as Endogeneous with collapse option. The p-value of Auto-Correlation 1st and 2nd order, including Hansen's post-Estimation Tests are presented at the bottom Panel. The p-values are presented in parentheses and *p < 0.05, **p < 0.01, ***p < 0.001.

Source: Author's calculation