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Table 8 The effects of European Structural Funds on annual growth, 2008–13. Heterogeneity with respect to slackness in the housing and labor markets

From: European structural funds during the crisis: evidence from Southern Italy

Annual 2008–13 growth in: (1) (2) (3) (4) (5) (6) (7) (8) (9)
Employment Population House price per sqm
ln(annual pc payments)t 0.0027 −0.0008 0.0010 −0.0006*** −0.0001 −0.0005** 0.0064** 0.0021 0.0035
(0.0020) (0.0020) (0.0016) (0.0002) (0.0003) (0.0002) (0.0027) (0.0022) (0.0022)
ln(annual pc payments)t × housing slack indicator 0.0012 0.0032 0.0020 0.0005* 0.0004 0.0007** −0.0066* −0.0022 −0.0064*
(0.0025) (0.0022) (0.0021) (0.0003) (0.0004) (0.0003) (0.0036) (0.0031) (0.0034)
ln(annual pc payments)t × labor mkt slack indicator −0.0011 0.0049* −0.0007 0.0002 −0.0002 0.0000 0.0100*** −0.0007 0.0076**
(0.0027) (0.0028) (0.0022) (0.0003) (0.0004) (0.0004) (0.0033) (0.0027) (0.0030)
Housing slack indicator   −0.0150 −0.0118   −0.0022 −0.0041**   0.0183 0.0381**
   (0.0100) (0.0095)   (0.0018) (0.0017)   (0.0142) (0.0155)
Labor mkt slack indicator   −0.0214* 0.0057   0.0026 0.0006   0.0054 −0.0321**
   (0.0126) (0.0099)   (0.0020) (0.0018)   (0.0129) (0.0142)
Additional controls LLM FE All f i ′; Chosen by double selection LLM FE All f i ′; Chosen by double selection LLM FE All f i ′; Chosen by double x`selection
f i ′ × t; f i ′ × t; f i ′ × t;
f i ′ × t 2 f i ′ × t 2 f i ′ × t 2
Obs 1950 1950 1950 1950 1950 1950 1950 1950 1950
R2 0.2352 0.3415 0.2366 0.1550 0.6771 0.5973 0.3368 0.5191 0.3167
  1. Note:
  2. Standard errors clustered for LLM in parentheses. See Table 2 for other info. The housing slack indicator is a dummy for the lowest quintile of housing prices across all LLMs in 2007. The labor market slack is a dummy for the lowest quintile of employment rate in 2007. Columns (1), (4), (7) include only LLM FE, with no additional controls. To avoid introducing an additional source of variation, controls in columns (3), (6), (9) are the same selected for Table 2
  3. *p < .10 **p < .05 ***p < .01