Variables/Regressions

(22)

(23)

Dependent Variables

Public Debt

X

Private Debt

X

Independent Variables

GDP growth

−18.60453**

(−2.78)

−25.89107**

(−2.37)

GDP per capita & productivity

1.145167*

(2.08)

2.605455***

(2.89)

Pensions as % of GDP

3.828558*

(1.77)

−9.671682

(−2.74)

Unemployment

3.945936*

(2.12)

2.18928

(0.72)

Corporate income tax rate

−2.60177

(−1.56)

−3.533783

(−1.30)

Constant

53.7111

(1.16)

233.1074

(3.08)

Observations

18

18

Adjusted R-squared

0.5591

0.6215