Figure 1:
Figure 2:
Figure 3:
Variable Descriptions, Definitions and Sources
| Variable | Definitions | Calculation | Source |
|---|---|---|---|
| PENCON | Pension contribution | Pension fund revenues as a percentage of GDP | OECD Statistics |
| PENBEN | Pension benefits paid | Pension fund expenditures as a percentage of GDP | OECD Statistics |
| SAVING | Saving rate | Savings of net depreciation as a percentage of the GDP. Saving is equal to the difference between disposable income (including an adjustment for the change in employment-related pension entitlements) and final consumption expenditure. Saving rate represents national sectoral total. | OECD Statistics |
| LENDING | Net lending | Net amount a unit or a sector has available to finance, directly or indirectly, other units or other sectors (as a percentage of the GDP). Net lending can be derived as saving plus net receipts of capital transfers minus net purchases of non-financial assets (i.e. the balance of the capital account), or it can be measured as the difference between net acquisition of financial assets and net incurrence of liabilities (i.e. the balance of the financial account). Saving rate represents national sectoral total. | OECD Statistics |
| LNGDPCAP | Real GDP per capita | The natural logarithm of GDP per capita in 2015 US$ | WDIs |
| INTERNET | Internet Access | Individuals using the Internet (% of population) | WDIs |
| AGEDEP | Age dependency ratio | The ratio of non-working population (i.e. aged 15 or younger and aged 64 and older) to working-age population. | WDIs |
| AGED-TO-WORKING | Aged to working-age population | The ratio of the aged to the working-age population | WDIs |
| LABOREDUC | Labor education | Labor force with basic education (% of total working-age population with basic education) | WDIs |
| LIFEEXP | Life expectancy | The natural logarithm of life expectancy at birth | WDIs |
| MORTALITY | Mortality rate | Mortality from CVD, cancer, diabetes or CRD between exact ages 30 and 70 (%) | WDIs |
List of Sample Countries
| Australia | Austria | Spain | Netherlands |
| Canada | Hungary | Estonia | Poland |
| Switzerland | Israel | Finland | Portugal |
| Chile | Italy | France | Turkey |
| Czech | Korea | United | United States |
| Republic | Kingdom | ||
| Germany | Lithuania | Greece | |
| Japan | Mexico | Costa Rica |
Pairwise Correlations
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| (1) PENCON | 1.000 | |||||||||
| (2) PENBEN | 0.885 | 1.000 | ||||||||
| (3) SAVING | 0.239 | -0.013 | 1.000 | |||||||
| (4) LENDING | -0.043 | -0.054 | 0.363 | 1.000 | ||||||
| (5) LNGDPCAP | 0.518 | 0.694 | -0.169 | 0.166 | 1.000 | |||||
| (6) INTERNET | 0.351 | 0.442 | 0.220 | 0.297 | 0.612 | 1.000 | ||||
| (7) AGEDEP | -0.186 | -0.017 | -0.437 | 0.109 | 0.310 | 0.116 | 1.000 | |||
| (8) LABOREDUC | 0.410 | 0.323 | 0.065 | -0.203 | 0.131 | 0.020 | -0.188 | 1.000 | ||
| (9) LIFEEXP | 0.342 | 0.368 | -0.077 | 0.089 | 0.722 | 0.405 | 0.158 | 0.298 | 1.000 | |
| (10) MORTALITY | -0.117 | -0.191 | 0.190 | -0.396 | -0.650 | -0.574 | -0.470 | 0.102 | -0.586 | 1.000 |
| VIF | - | - | 1.67 | 1.58 | 3.54 | 2.55 | 1.65 | 1.36 | 2.77 | 3.62 |
Summary Statistics
| N | Mean | Std. Dev. | min | p25 | Median | p75 | max | |
|---|---|---|---|---|---|---|---|---|
| PENCON | 242 | 2.142 | 2.226 | 0.183 | 0.462 | 0.986 | 2.995 | 7.816 |
| PENBEN | 242 | 1.554 | 1.898 | 0.004 | 0.215 | 0.443 | 2.772 | 5.924 |
| SAVING | 237 | 6.943 | 5.131 | -1.941 | 3.442 | 6.854 | 9.764 | 18.588 |
| LENDING | 234 | 0.88 | 3.592 | -4.835 | -1.864 | 0.748 | 3.061 | 7.755 |
| LNGDPCAP | 242 | 10.183 | 0.574 | 9.29 | 9.621 | 10.276 | 10.699 | 10.996 |
| INTERNET | 238 | 79.278 | 11.375 | 55.05 | 71.635 | 82.318 | 88.41 | 93.898 |
| AGEDEP | 242 | 51.078 | 4.416 | 41.881 | 48.414 | 51.392 | 54.207 | 58.657 |
| LABOREDUC | 238 | 40.969 | 11.960 | 18.64 | 33.31 | 42.02 | 49.98 | 59.3 |
| LIFEEXP | 222 | 4.381 | 0.033 | 4.312 | 4.361 | 4.394 | 4.407 | 4.422 |
| MORTALITY | 200 | 7.447 | 3.478 | 3.1 | 4.45 | 6.2 | 10.55 | 14.1 |
Regression Estimates of Pension Contributions and Pension Benefits Paid
| VARIABLES | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| SAVING | -0.038* | -0.033 | -0.053*** | -0.055*** |
| LENDING | 0.012 | 0.004 | 0.021 | 0.022* |
| LNGDPCAP | 0.356 | 0.426 | 1.076* | 0.738 |
| INTERNET | 0.007* | 0.000 | 0.003 | -0.010** |
| AGEDEP | -0.038* | -0.062** | ||
| AGED-TO-WORKING | -0.002 | 0.082* | ||
| LABOREDUC | 0.026* | 0.029* | -0.035*** | -0.027*** |
| LIFEEXP | 17.438*** | 15.307** | 9.078 | 5.243 |
| MORTALITY | 0.013 | 0.028 | 0.023 | 0.031 |
| Constant | -77.339*** | -67.225** | -46.641* | -32.310 |
| Country FEs | YES | YES | YES | YES |
| Year FEs | NO | YES | NO | YES |
| Observations | 190 | 190 | 190 | 190 |
| Within R-squared | 0.1577 | 0.1462 | 0.4215 | 0.3341 |