Table 7 Determinants of life insurance consumption (emerging and developing economies).
From: National culture, public health spending and life insurance consumption: an international comparison
Pooled OLS | System GMM (Full instruments) | System GMM (Partial instruments) | |
|---|---|---|---|
(1) | (2) | (3) | |
lagged lnLIFE_INS | 0.8840*** (0.0269) | 0.8752*** (0.0344) | 0.8777*** (0.0426) |
lnGDP | −0.0187 (0.1137) | −0.0066 (0.2635) | −0.0241 (0.1478) |
lnEFI | 0.8996*** (0.2390) | 0.5664** (0.2756) | 0.8122** (0.3502) |
lnPHS | 0.1274*** (0.0466) | 0.1193** (0.0489) | 0.1240*** (0.0378) |
lnIND | 0.0857 (0.1018) | 0.1189 (0.0739) | 0.1048 (0.0798) |
lnIDV | 0.1503 (0.0979) | 0.0811 (0.1686) | 0.1388 (0.1677) |
lnLTO | −0.0767 (0.1108) | −0.0062 (0.1344) | −0.0567 (0.1281) |
lnMAS | −0.2318*** (0.0860) | −0.1889 (0.1221) | −0.2220* (0.1214) |
lnUAI | −0.8836*** (0.2606) | −0.7313** (0.3120) | −0.8489** (0.3828) |
lnPDI | −0.0391 (0.1283) | −0.1481 (0.2174) | −0.0687 (0.1585) |
lnHPM | −0.0384 (0.0519) | −0.0423 (0.0574) | −0.0441 (0.0347) |
lnFDV | −0.0729 (0.0442) | −0.0637 (0.0729) | −0.0633 (0.0844) |
lnHDI | −1.2968** (0.5156) | −1.1037 (0.9765) | −1.2166* (0.6979) |
lnURB | 0.1098 (0.1099) | 0.0703 (0.0954) | 0.1133 (0.0831) |
lnLEX | 0.4965 (0.4766) | 0.5813 (0.5414) | 0.4909 (0.4812) |
lnDEP | −0.4514** (0.1806) | −0.4333* (0.2489) | −0.4556** (0.2254) |
lnSSE | 0.0818* (0.0479) | 0.0658 (0.1044) | 0.0798 (0.1022) |
CML | −0.2574 (0.1981) | −0.1226 (0.2852) | −0.2271 (0.2850) |
MUS | −0.0020** (0.0008) | −0.0021** (0.0009) | −0.0021*** (0.0008) |
Observations | 287 | 287 | 287 |
R-squared | 0.981 | 0.981 | 0.981 |
Hansen test (p-value) | – | 1.000 | 1.000 |
Arellano-Bond test for AR(2) (p-value) | – | 0.269 | 0.236 |
Arellano-Bond test for AR(3) (p-value) | – | 0.100 | 0.089 |
Arellano-Bond test for AR(4) (p-value) | – | 0.753 | 0.770 |
