Table 6 Determinants of life insurance consumption (advanced 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 | 0.9568*** (0.0134) | 0.8968*** (0.0342) | 0.9433*** (0.0402) |
lnGDP | 0.0564 (0.0608) | 0.1159 (0.1206) | 0.1205 (0.1494) |
lnEFI | 0.3790 (0.2827) | 1.7636*** (0.6338) | 1.3719* (0.7100) |
lnPHS | 0.0453 (0.0368) | 0.1227* (0.0699) | 0.0510 (0.0743) |
lnIND | −0.0615* (0.0331) | −0.1002* (0.0512) | −0.0778* (0.0446) |
lnIDV | −0.1111** (0.0454) | −0.2338** (0.1057) | −0.1648 (0.1047) |
lnLTO | −0.0164 (0.0379) | −0.0695 (0.0527) | −0.0499 (0.0429) |
lnMAS | −0.0061 (0.0146) | −0.0018 (0.0219) | −0.0132 (0.0256) |
lnUAI | −0.1045** (0.0468) | −0.1780** (0.0834) | −0.1108 (0.0781) |
lnPDI | 0.0174 (0.0248) | 0.1133*** (0.0431) | 0.0699 (0.0471) |
lnHPM | 0.0146 (0.0262) | −0.0113 (0.0426) | −0.0102 (0.0400) |
lnFDV | −0.0625*** (0.0184) | −0.0769*** (0.0216) | −0.0765*** (0.0204) |
lnHDI | −1.0782** (0.4943) | −1.5071** (0.6102) | −1.3956** (0.6880) |
lnURB | 0.1685* (0.0874) | 0.2361* (0.1386) | 0.1615 (0.1202) |
lnLEX | 1.0620* (0.6435) | 1.9700* (1.1933) | 1.1649 (1.2183) |
lnDEP | −0.0534 (0.1010) | −0.1145 (0.1247) | −0.0649 (0.1128) |
lnSSE | −0.0241 (0.0387) | 0.0602 (0.0615) | 0.0370 (0.0659) |
CML | 0.0039 (0.0298) | −0.0409 (0.0493) | −0.0162 (0.0406) |
MUS | 0.0085 (0.0061) | 0.0134 (0.0094) | 0.0098 (0.0082) |
Observations | 387 | 387 | 387 |
R-squared | 0.992 | 0.991 | 0.991 |
Hansen test (p-value) | – | 1.000 | 1.000 |
Arellano-Bond test for AR(2) (p-value) | – | 0.056 | 0.058 |
Arellano-Bond test for AR(3) (p-value) | – | 0.320 | 0.317 |
Arellano-Bond test for AR(4) (p-value) | – | 0.822 | 0.773 |
