Corruption

−0.1816466

(−1.24)

Labor unions

−0.0545189

(−1.08)

Pensioners

20.51779

(0.94)

Unemployment

0.252612

(1.08)

Pensions as % of GDP

−0.2321618

(−0.92)

Profit tax

0.0178797

(0.26)

Public debt

−0.0718916***

(−3.51)

Constant

59.87954***

(5.75)

26.4325***

(18.98)

22.94095***

(10.78)

29.96414***

(9.97)

29.8281**

(2.83)

27.62199***

(7.86)

24.49629***

(16.04)

18.1261***

(3.24)

21.06402***

(9.37)

25.14298***

(10.55)

22.51581***

(6.76)

27.84271***

(19.66)

Observations

19

19

19

19

19

19

18

19

19

18

19

19

Adjusted R-squared

0.3871

0.2311

−0.0562

0.1864

−0.0357

0.0296

0.0098

−0.0062

0.0094

−0.0089

−0.0547

0.3857