Variable

(1)

(2)

Pension expenditure

−0.050***

(−5.98)

Pension expenditure One phase behind

−0.047***

(−5.87)

Economic development level

−0.038***

(−2.79)

−0.032**

(−2.27)

Urbanization level

−0.296***

(−2.73)

−0.322***

(−2.87)

Medical security level

−0.015

(−0.52)

−0.011

(−0.39)

Public education level

−0.054***

(−3.45)

−0.056***

(−3.45)

Unemployment rate

−0.006

(−0.58)

−0.004

(−0.42)

Family economic status

0.018***

(3.22)

0.017***

(3.16)

Female labor participation level

0.197***

(4.26)

0.191***

(3.97)

Marriage rate

0.194***

(8.26)

0.207***

(8.69)

Divorce rate

−0.051***

(−5.11)

−0.047***

(−4.62)

Constant

1.016*

(1.93)

1.049*

(1.93)

Number of observation

809

768

Goodness of fit

0.401

0.418

Individual fixed effect

control

control

Time fixed effec

control

control

P

0

0

R2

0.345

0.361

F

14.54

15.21