Table 5 Determinants of life insurance consumption (all sample economies).
From: National culture, public health spending and life insurance consumption: an international comparison
| Â | Pooled OLS | System GMM (Full instruments) | System GMM (Partial instruments) |
|---|---|---|---|
| Â | (1) | (2) | (3) |
lagged lnLIFE_INS | 0.9713*** (0.0088) | 1.0035*** (0.0255) | 0.9855*** (0.0418) |
lnGDP | 0.0629 (0.0419) | −0.1077 (0.0791) | −0.0633 (0.0839) |
lnEFI | 0.2658** (0.1183) | 0.4085** (0.2081) | 0.3550** (0.1709) |
lnPHS | 0.0326 (0.0220) | 0.0844*** (0.0302) | 0.0836** (0.0387) |
lnIND | −0.0221 (0.0262) | −0.0341 (0.0373) | −0.0197 (0.0570) |
lnIDV | −0.0382* (0.0224) | −0.0264* (0.0145) | −0.0313** (0.0151) |
lnLTO | 0.0053 (0.0243) | 0.0143 (0.0214) | 0.0191 (0.0274) |
lnMAS | −0.0088 (0.0117) | −0.0226* (0.0127) | −0.0168 (0.0141) |
lnUAI | −0.0729** (0.0326) | −0.0400 (0.0429) | −0.0605 (0.0570) |
lnHPM | −0.0099 (0.0178) | 0.0061 (0.0262) | 0.0046 (0.0226) |
lnPDI | 0.0094 (0.0222) | −0.0026 (0.0193) | −0.0026 (0.0336) |
lnFDV | −0.0440*** (0.0151) | −0.0652*** (0.0193) | −0.0550** (0.0218) |
lnHDI | −1.2121*** (0.2893) | −0.8096** (0.3871) | −0.9473** (0.4019) |
lnURB | 0.0416 (0.0426) | 0.0462 (0.0420) | 0.0386 (0.0393) |
lnLEX | 0.6068** (0.2388) | 0.6440** (0.2919) | 0.6077* (0.3352) |
lnDEP | −0.1793*** (0.0643) | −0.2055*** (0.0610) | −0.1971*** (0.0607) |
lnSSE | 0.0203 (0.0209) | 0.0104 (0.0327) | 0.0095 (0.0298) |
CML | 0.0255 (0.0244) | 0.0313* (0.0184) | 0.0315* (0.0171) |
MUS | −0.0004 (0.0004) | 0.0006 (0.0005) | 0.0003 (0.0007) |
Observations | 674 | 674 | 674 |
R-squared | 0.994 | 0.993 | 0.994 |
Hansen test (p-value) | – | 1.000 | 1.000 |
Arellano-Bond test for AR(2) (p-value) | – | 0.160 | 0.167 |
Arellano-Bond test for AR(3) (p-value) | – | 0.158 | 0.165 |
Arellano-Bond test for AR(4) (p-value) | – | 0.921 | 0.911 |
