Market and political power interactions in Greece: an empirical investigation

Kollintzas, Tryphon; Papageorgiou, Dimitris; Tsionas, Efthymios; Vassilatos, Vanghelis

doi:10.1186/s40173-017-0093-1

Table 7 A test of the IOS theory—dependent variable: WPR

From: Market and political power interactions in Greece: an empirical investigation

Variable	Definition	ROECD	GPS	ROECD	GPS
POPT25	Population age 25+ with tertiary education	0.013752***	0.056935***	0.016376***	0.072230***
POPT25	Population age 25+ with tertiary education	21.68738	19.33179	19.49832	16.95067
DEP_RATIO	Dependency ratio	−0.007610***	0.015084***	−0.007160***	0.030255***
DEP_RATIO	Dependency ratio	−18.71470	5.556921	−17.08557	10.26010
URBAN_POP	Urban population	−0.002111***	0.043615***	−0.001064**	0.068865***
URBAN_POP	Urban population	−4.954121	9.283251	−2.155844	9.549796
YGAP	Output gap	−0.372530***	1.215862***	−0.439692***	0.211226
YGAP	Output gap	−9.622241	8.592253	−10.13525	1.513867
TENSYS	Years of democracy	−0.013166***	−0.048215***	−0.014542***	−0.046499***
TENSYS	Years of democracy	−27.33816	−12.54250	−28.40986	−9.354322
PRTYIN	Years a party is in office	−0.001374***	0.006619***	−0.001297***	0.007466***
PRTYIN	Years a party is in office	−10.59422	7.293152	−8.701355	6.463171
MAJ	Fraction of seats held by government	0.170186***	0.061034	0.175584***	−0.007409
MAJ	Fraction of seats held by government	15.97982	0.799573	14.33033	−0.081154
UM	Union membership	−0.005021***	−0.010502***	−0.005557***	−0.006180***
UM	Union membership	−18.22230	−6.046546	−18.68675	−2.640103
UD_RATIO	Public to private sector union density ratio	0.003153	2.481486***	−0.000402	1.016409***
UD_RATIO	Public to private sector union density ratio	1.643036	10.15728	−0.182166	4.738432
COORD	Wage setting coordination index	0.009548***	−0.069391***	0.009482***	−0.061503***
COORD	Wage setting coordination index	7.948113	−11.63344	6.851676	−8.593499
ETCR	Regulation index in energy, transportation, and communication	−0.078886***	−0.075693***	−0.077832***	−0.020440***
ETCR		−25.50326	−6.346026	−25.96991	−1.638897
VEF	VAT efficiency index	0.131382***	−0.130535***	0.089619***	−0.558684***
VEF	VAT efficiency index	11.38263	−2.280017	7.371067	−8.110368
BY	Debt to GDP ratio	0.000224***	0.005003***
BY	Debt to GDP ratio	3.519767	9.960387
TAX_Y	Tax revenues to GDP ratio			0.556429***	2.574937***
TAX_Y	Tax revenues to GDP ratio			8.381534	5.903848
Adjusted R²		0.892180	0.964101	0.892241	0.961601
N. of obs.		395	71	401	71

t statistics in italics
***, **, and * denote significance at the 1, 5, and 10% level, respectively

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