Table 8 Determinants of life insurance consumption (using IV regression and FGLS estimator for robustness check, and all sample countries).
From: National culture, public health spending and life insurance consumption: an international comparison
System GMM | IV | FGLS | AMG | |
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
lagged lnLIFE_INS | 0.9855*** (0.0418) | 0.9759*** (0.0104) | 0.9743*** (0.0087) | −0.0883 (0.1048) |
lnGDP/lagged lnGDP | −0.0633 (0.0839) | 0.0160 (0.0437) | 0.0336 (0.0410) | −1.2086 (4.1571) |
lnEFI/lagged lnEFI | 0.3550** (0.1709) | 0.1634 (0.2240) | 0.1656 (0.1125) | 1.0281 (0.8894) |
lnPHS | 0.0836** (0.0387) | 0.0401** (0.0200) | 0.0411* (0.0217) | 1.0927* (0.6357) |
lnIND | −0.0197 (0.0570) | −0.0265 (0.0276) | −0.0247 (0.0256) | – |
lnIDV | −0.0313** (0.0151) | −0.0267 (0.0229) | −0.0373* (0.0219) | – |
lnLTO | 0.0191 (0.0274) | 0.0013 (0.0289) | 0.0109 (0.0238) | – |
lnMAS | −0.0168 (0.0141) | −0.0074 (0.0091) | −0.0087 (0.0115) | – |
lnUAI | −0.0605 (0.0570) | −0.0699** (0.0336) | −0.0712** (0.0319) | – |
lnHPM | 0.0046 (0.0226) | −0.0028 (0.0195) | 0.0019 (0.0216) | – |
lnPDI | −0.0026 (0.0336) | −0.0053 (0.0219) | −0.0053 (0.0175) | – |
lnFDV | −0.0550** (0.0218) | −0.0413*** (0.0117) | −0.0435*** (0.0148) | 1.2845 (1.1198) |
lnHDI | −0.9473** (0.4019) | −0.9858*** (0.3399) | −1.0747*** (0.2827) | −7.2327*** (2.6355) |
lnURB | 0.0386 (0.0393) | 0.0571 (0.0356) | 0.0425 (0.0417) | 53.9692 (70.8763) |
lnLEX | 0.6077* (0.3352) | 0.6998*** (0.2565) | 0.6351*** (0.2334) | −182.1561 (171.7443) |
lnDEP | −0.1971*** (0.0607) | −0.1591*** (0.0609) | −0.1725*** (0.0630) | 2.1298 (7.3526) |
lnSSE | 0.0095 (0.0298) | 0.0056 (0.0363) | 0.0148 (0.0203) | 1.5160*** (0.5496) |
CML | 0.0315* (0.0171) | 0.0257 (0.0210) | 0.0305 (0.0238) | – |
MUS | 0.0003 (0.0007) | −0.0002 (0.0004) | −0.0003 (0.0008) | – |
Observations | 674 | 634 | 674 | 731 |
R-squared | 0.994 | 0.994 | 0.994 | - |
