Table 2.

Main Results: Effect of NRPS enrollment (above 60-year-old).

VARIABLES	First Stage	Second Stage
	Pension enrollment	Total CES-D score		depressive symptoms
		OLS	IV	OLS	IV
	(1)	(2)	(3)	(4)	(5)
Pension enrollment		−1.982*** (0.588)	−6.202*** (2.377)	−0.079*** (0.030)	−0.175* (0.097)
NRPS duration in the county	0.012*** (0.002)
First stage F-statistic for IV	25.97
Observations	2764	2608	2585	2608	2585

Notes: [1] Covariates include individual/family level variables: cubic function of age, male, Han, CCP membership, married, years of education, NCMS, chronic disease, total asset, migration ratio, and county level variables NCMS starting year, NCMS enrollment ratio, income per capita and year of education. Full results are shown in Appendix Table A3. [2] ***, ** and * represent statistical significance at the 1%, 5% and 10% levels, respectively. Standard errors clustered at the county level are reported in the parentheses.