Table A4.

Wald tests for equations associated with the SEM models, EU-13 and EU-15, 1995–2017.

Variables	EU-13			EU-15
	Chi2	df	p-Value	Chi2	df	p-Value
Log_ER_55_64	140.69	6	0.0000	108.28	6	0.0000
Log_LP	456.36	6	0.0000	207.21	6	0.0000
Log_BR	14.34	2	0.0008	10.34	2	0.0057
Log_LE	17.92	2	0.0001	16.34	2	0.0003
Log_PGPH	14.97	2	0.0006	2.37	2	0.3057
Log_HLY_F	7.06	2	0.0293	5.86	2	0.0535
Log_HLY_M	9.84	2	0.0073	5.33	2	0.0695

H0: All coefficients excluding the intercepts are 0. We can thus reject the null hypothesis for each equation, with limitations on PGPH in the case of the EU-15 sample. Source: Authors’ contribution in Stata. df, degrees of freedom.