Political stability

183.299

(0.80)

Corporate income tax rate

10.63024

(0.60)

Ease of doing business

4.005819

(0.20)

Corruption

2.915393

(0.13)

Labor unions

0.1233238

(0.02)

Pensioners

1376.537

(0.43)

Unemployment

−38.68994

(−1.18)

Pensions as % of GDP

−10.29518

(−0.26)

Profit tax

4.682152

(0.48)

Public debt

−2.213465

(−0.59)

Constant

897.8075

(0.51)

346.1195

(1.48)

226.4105

(1.21)

84.8799

(0.17)

69.32841

(0.05)

298.0783

(0.57)

383.2834

(1.59)

16.24348

(0.02)

701.5861

(2.22)

478.906

(1.29)

131.9583

(0.28)

485.9027*

(1.92)

Observations

20

19

20

19

19

19

18

19

20

18

20

20

Adjusted R-squared

−0.0498

−0.0582

−0.0190

−0.0372

−0.0564

−0.0577

−0.0625

−0.0473

0.0205

−0.0579

−0.0422

−0.0353