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Table 4 Estimation results for high-, middle-, and low-income countries

From: Comparative analysis of the effects of institutional factors and Piketty’s Hypothesis on inequality: evidence from a panel of countries

 

High-income

Middle-income

Low-income

Variable

(1) EFW with (r − g) × EFW

(2) EFW with (r − g) × EFW [IV]

(3) EFW with (r − g) × EFW

(4) EFW with (r − g) × EFW [IV]

(5) EFW with (r − g) × EFW

(6) EFW with (r − g) × EFW [IV]

EFW

0.012224

(0.002944) ***

−0.027931

(0.010880)**

0.019469

(0.002737)***

0.052680

(0.009976)***

0.001709

(0.006614)

0.013558

(0.021279)

(r−g)

0.003302

(0.001877)*

0.002655

(0.002135)

0.000704

(0.001120)

0.001298

(0.001263)

0.000546

(0.004302)

0.013752

(0.006953)*

(r−g) × EFW

−0.000477

(0.000256)*

−0.000390

(0.000292)

−8.06E − 05

0.000170

−0.000160

(0.000192)

−6.13E − 05

(0.000608)

−0.001959

(0.000983)**

Lag GDP/capita

4.18E − 07

(2.41E − 07)*

7.22E − 07

(2.67E − 07)***

−7.29E − 06

(9.18E − 07)***

−1.16E − 05

(1.59E − 06)***

1.14E − 05

(1.74E − 05)

2.95E − 06

(1.75E − 05)

Govt. spending (as  % of GDP)

−0.000525

(0.000582)

−0.002334

(0.000746)***

−0.001207

(-0.001207)**

−0.000634

(0.000572)

0.001210

(0.000803)

0.001557

(0.001285)

Inflation

0.000506

(0.000298)*

−0.000126

(0.000365)

0.000294

(0.000147)**

0.000990

(0.000258)***

0.000470

(0.000355)

−0.000498

(0.000564)

Population growth rate

0.000792

(0.001525)

−0.000372

(0.001698)

0.000108

(0.001176)

−0.000533

(0.001326)

0.004484

(0.007610)

−0.045721

(0.009437)***

Natural resource rent (as  % of GDP)

−0.000932

(0.000530)*

−0.000685

(0.000563)

−0.000742

(0.000356)**

−0.000906

(0.000400)**

0.000952

(0.000609)

0.000420

(0.001036)

Gross savings rate (as  % of GDP)

−0.000367

(0.000245)

−0.000644

(0.000275)**

0.000454

(0.000191)**

0.000429

(0.000213)**

0.001166

(0.000476)**

0.002799

(0.000925)**

Tax revenue (as  % of GDP)

−0.000691

(0.000174)***

−0.001190

(0.000229)***

−0.001305

(0.000361)***

−0.001418

(0.000404)***

−0.000904

(0.001114)

0.001325

(0.002308)

Trade openness

−1.42E − 05

(4.36E − 05)

5.28E − 05

(4.94E − 05)

0.000126

(6.61E − 05)*

1.87E − 05

(7.99E − 05)

−0.000221

(0.000176)

0.000779

(0.000250)***

Unemployment rate

0.001466

(0.000252)***

0.000566

(0.000376)

0.001321

(0.000430)***

0.000833

(0.000500)*

−0.000569

(0.001606)

0.002975

(0.001273)**

Redundant fixed effects tests (prob)

125.551393

(0.0000)

 

211.849998

(0.0000)

 

31.495902

(0.0000)

 

Hausman test

(Prob)

51.324853

(0.0000)

 

24.774029

(0.0159)

 

–

 

Observations

646

629

646

646

102

102

Number of countries

38

37

38

38

6

6

Adj. R-squared

0.949992

0.944860

0.945949

0.932593

0.912050

0.738918

F-statistic

251.0613

269.7732

231.3719

225.0688

62.61075

27.29917

Prob (F-statistic)

0.000000

0.000000

0.000000

0.000000

0.000000

0.000000

  1. Dependent variable is Gini of net income. All regressions report panel fixed effects. Standard errors are in parentheses and ***, **, * indicates significant at 1%, 5%, and 10% level
  2. Source Research calculations
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