1. All specifications (in both panels) include macro-region constants for the north, south, centre and east (not reported). Regional unemployment data and data on construction share come from Eurostat. Information on trust and beliefs come from the European Social Surveys (ESS). The Data Appendix gives detailed variable definitions and sources. Standard errors are adjusted for clustering at the country level. *, **, and *** indicate statistical significance at the 10%, 5% and 1% confidence level;G References;The table reports cross-sectional 2SLS (two-stage-least-squares) estimates. The first stage associates changes in regional unemployment before and after the crisis with the pre-crisis share of construction in regional value added,2008
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