Variables/ Regressions

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

Dependent Variables

Private Debt

Independent Variables

GDP per capita & productivity

2.490718***

(3.69)

GDP growth

−8.759206

(−0.98)

Political stability

38.97029

(0.99)

Corporate income tax rate

1.165138

(0.61)

Ease of doing business

5.512327***

(3.13)

Corruption

6.875932***

(4.14)

Labor unions

1.345414*

(1.71)

Pensioners

−868.77***

(−3.19)

Pensions as % of GDP

−8.046028**

(−2.17)

Profit tax

−1.803657*

(−1.84)

Unemployment

−6.59467*

(−1.96)

Constant

24.31297

(0.83)

145.7806***

(6.59)

97.99344***

(3.07)

96.55731*

(1.85)

−281.706**

(−2.15)

−34.30017

(−0.86)

94.22128***

(3.96)

348.5984***

(4.98)

201.8612***

(5.74)

211.5051***

(4.50)

187.0969***

(5.78)

Observations

19

19

19

19

19

19

18

19

18

19

19

Adjusted R-squared

0.4127

−0.0018

−0.0008

−0.0364

0.3290

0.4734

0.1021

0.3375

0.1784

0.1171

0.1365