Variables

Equation (1) GDP

Equation (2) Education

Equation (3)

Life Expectancy

Constant

−12.9***

253.98*

20.19***

Expenditure Decentralization

0.65**

−9.68

0.28

Exp Dec*Dum 7^th NFC

0.57*

38.70***

1.64***

Institutional Democracy

−0.01

−0.044

−0.05***

GDP

-

−6.33

2.15*

Labor

0.74***

-

-

Capital

0.65***

-

-

Trade

0.86

-

-

Employment Rate

-

−2.20**

-

Education Expenditures

-

6.57*

-

Health Expenditures

-

-

0.08***

Number of Physicians

-

-

1.91***

R Squared

0.980

0.629

0.995

No. of Observations

37

37

37

J-STAT, Probability for GMM

0.006

0.007

0.006