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 8 A test of the IOS theory—dependent variable: TSL

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

Variable	Definition	ROECD	GPS	ROECD	GPS
POPT25	Population age 25+ with tertiary education	−0.007635***	0.012050***	−0.000894	0.013495***
POPT25	Population age 25+ with tertiary education	−8.738876	9.825228	−0.784281	9.546269
DEP_RATIO	Dependency ratio	−0.002177***	−0.006533***	−0.003302***	−0.006046***
DEP_RATIO	Dependency ratio	−3.775028	−4.762078	−5.794885	−4.688952
URBAN_POP	Urban population	0.021846***	−0.003944*	0.021463***	−0.001165
URBAN_POP	Urban population	37.18969	−1.754419	32.32905	−0.452738
YGAP	Output gap	−0.330004***	−0.515270***	−0.266744***	−0.535301***
YGAP	Output gap	−6.176525	−8.926122	−4.568967	−11.16596
TENSYS	Years of democracy	−0.004111***	0.009931***	−0.009989***	0.007973***
TENSYS	Years of democracy	−6.193623	6.052335	−14.48103	4.764618
PRTYIN	Years a party is in office	−0.001890***	0.000403	−0.001415***	0.000599
PRTYIN	Years a party is in office	−10.54719	1.105937	−7.041950	1.587920
MAJ	Fraction of seats held by government	0.001660	−0.052019	0.012377	−0.036235
MAJ	Fraction of seats held by government	0.112679	−1.226267	0.747268	−0.871550
UM	Union membership	−0.007102***	−0.009379***	−0.006815***	−0.008235***
UM	Union membership	−18.12682	−12.64936	−16.80220	−9.794655
UD_RATIO	Public to private sector union density ratio	−0.023443***	−0.283258***	−0.023127***	−0.212901***
UD_RATIO	Public to private sector union density ratio	−8.851157	−2.792456	−7.761181	−2.854252
COORD	Wage setting coordination index	0.013865	−0.025195***	0.013614***	−0.025736***
COORD	Wage setting coordination index	8.238375	−10.41000	7.182157	−10.77292
ETCR	Regulation index in energy, transportation, and communication	−0.015952***	0.072124***	−0.034958***	0.071361***
ETCR		−3.724772	15.34342	−8.670203	17.42026
VEF	VAT efficiency index	−0.175460***	−0.079611***	−0.114566***	−0.081259***
VEF	VAT efficiency index	−10.46235	−3.394369	−6.660233	−3.560441
B_Y	Debt to GDP ratio	−0.000776***	−0.000148
B_Y	Debt to GDP ratio	−8.705856	−0.748292
TAX_Y	Tax revenues to GDP ratio			0.694478***	0.262306*
TAX_Y	Tax revenues to GDP ratio			7.507842	1.828174
Adjusted R²		0.942483	0.929550	0.944211	0.929720
No. of obs.		390	69	396	69

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

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