1. *** significance at the 90% level; based on panel corrected standard errors. -Other regressors not shown: Constant, lagged dependent variable, log(GDP/capita), deindustrialization, urbanization, unemployment, dependency ratio, relative price of government consumption, trade union density, euro area dummy. -The adjusted R! is not meaningful since a lagged dependent variable is included. -The equation was estimated with cross-sectional fixed effects;Note: * significance at the 99% level, ** significance at the 95% level
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