Table 4.
Dependent Variable: Savings Rate | ||||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
Constant | −0.137 (1.23) | Fixed Effects | Fixed Effects | Fixed Effects |
Lagged savings rate | 0.758 (37.07) | 0.784 (48.49) | ||
Wage | 0.300 (4.43) | 0.642 (6.27) | 0.133 (1.78) | 0.059 (5.85) |
Life Expectancy | 0.968 (2.40) | 0.305 (0.64) | 0.035 (0.08) | |
Growth Rate | 2.212 (2.21) | 3.234 (4.82) | 0.989 (1.59) | |
Wage Squared | −0.032 (5.77) | −0.037 (4.83) | −0.006 (0.83) | −0.012 (4.68) |
Life Expectancy Squared | −0.701 (1.91) | 0.075 (0.16) | 0.066 (0.16) | |
Growth Rate Squared | 11.174 (4.07) | 2.743 (1.17) | 0.872 (0.48) | |
Wage times life expectancy | −0.211 (2.08) | −0.564 (3.78) | −0.130 (1.12) | |
Wage times growth rate | −0.189 (0.72) | 0.039 (0.17) | 0.146 (0.79) | |
Life expectancy times growth rate | −7.320 (4.45) | −4.960 (4.26) | −1.524 (1.50) | |
Growth Rate divided by birth rate | 0.090 (9.04) | 0.008 (0.82) | 0.000 (0.06) | |
Ratio of old to working-age population | −0.621 (13.01) | −0.891 (7.53) | −0.209 (2.32) | −0.289 (4.04) |
Ratio of young to working-age population | 0.010 (0.45) | −0.054 (1.75) | −0.018 (0.86) | |
Log labor force participation rate | −0.091 (3.17) | 0.301 (5.24) | 0.012 (0.24) | |
Retirement Incentive | −0.166 (5.44) | −0.082 (2.46) | 0.034 (1.20) | |
Replacement rate: fully funded | −0.206 (2.79) | −0.264 (3.34) | 0.005 (0.08) | |
Replacement rate: pay as you go | −0.040 (0.58) | 0.408 (6.29) | 0.116 (2.35) | 0.119 (4.83) |
Universal Coverage | −0.082 (2.27) | −0.058 (1.23) | −0.051 (1.28) | −0.048 (1.84) |
Retirement Incentive times life expectancy | 0.229 (5.30) | 0.106 (2.23) | −0.039 (0.98) | 0.008 (2.18) |
Replacement rate (fully funded) times life expectancy | 0.336 (3.31) | 0.395 (3.50) | −0.002 (0.02) | |
Replacement rate (pay as you go) times life expectancy | 0.013 (0.13) | −0.590 (6.08) | −0.168 (2.23) | −0.182 (4.76) |
Universal coverage times life expectancy | 0.091 (1.63) | 0.114 (1.53) | 0.088 (1.42) | 0.084 (2.16) |
R2 | 0.495 | 0.768 | 0.889 | 0.889 |
t statistics in parenthesis (based on robust standard in columns 1 and 2 and bootstraped standard error estimates in columns 3 and 4). Based on 1763 observations from 57 countries over the period 1961–2000.