Table 6.

The effect of pension on mental health (by each item in the CES-D scale, 2SLS estimates).

	Pension enrollment (0/1, 60 + age cohort)		Monthly pension income (100 CNY)
	Coef	SE	Coef	SE
CES-D questions
1. I was bothered by things that usually don't bother me.	−0.189	0.160	−0.101	0.115
2. I did not feel like eating; my appetite was poor.	−0.172	0.163	−0.191*	0.113
3. I felt that I could not shake off the blues even with help from my family or friends.	−0.222	0.177	−0.205	0.127
4. I felt that I was just as good as other people.	−0.166	0.316	0.019	0.195
5. I had trouble keeping my mind on what I was doing.	−0.414***	0.159	−0.263**	0.121
6. I felt depressed.	−0.260*	0.157	−0.236**	0.116
7. I felt that everything I did was an effort.	−0.316*	0.182	−0.244*	0.137
8. I felt hopeful about the future.	0.110	0.309	−0.023	0.153
9. I thought my life had been a failure.	−0.434**	0.215	−0.313*	0.179
10. I felt fearful.	−0.266	0.181	−0.229	0.166
11. My sleep was restless.	−0.450**	0.177	−0.342**	0.159
12. I was happy.	0.232	0.310	−0.103	0.154
13. I talked less than usual.	−0.605***	0.211	−0.432***	0.153
14. I felt lonely.	−0.371***	0.143	−0.232*	0.125
15. People were unfriendly.	−0.283*	0.165	−0.264**	0.126
16. I enjoyed life.	0.062	0.266	−0.060	0.124
17. I had crying spells.	−0.164	0.147	−0.182*	0.102
18. I felt sad.	−0.134	0.133	−0.143	0.103
19. I felt that people disliked me.	−0.186	0.149	−0.204*	0.106
20. I could not get “going.”	−0.134	0.205	−0.240*	0.143
First stage F-statistic for IV	25.97		19.33

Notes: [1] The response scale is reversed for four positive questions (4, 8, 12, 16), so that they have the same sign as those negative questions. 0 represents the best situation, 3 represents the worst situation. [2] The covariates are same as in Table 2. [3] ***, ** and * represent statistical significance at the 1%, 5% and 10% levels, respectively. Standard errors clustered at the county level are reported in the parentheses.