Variables

All households

“ex ante” households

“ex post” households

(1)^a

(2)

(3)^a

(4)^a

(5)^a

(6)^a

(7)

(8)

(9)

Total stock ratio

Stock liquid asset ratio

Stock productive asset ratio

Total stock ratio

Stock liquid asset ratio

Stock productive asset ratio

Total stock ratio

Stock liquid asset ratio

Stock productive asset ratio

Constant

−221.2^***

(67.59)

1.46^*.

(0.84)

−222.5^***

(67.90)

−218.4^***

(80.11)

0.54

(1.161)

−218.9^***

(80.62)

−273.3

(183.2)

3.16

(1.97)

−276.4

(184.4)

Household head’s characteristics

Gender

−3.21

(2.21)

0.05^*.

(0.03)

−3.25

(2.23)

−5.91^*

(3.23)

0.007

(0.04)

−5.92^*

(3.25)

−2.42

(3.90)

0.08^*

(0.05)

−2.51

(3.93)

Edu2

−9.99^***

(2.22)

0.07^*.

(0.04)

−10.06^***

(2.24)

−10.28^***

(3.65)

0.03

(0.06)

−10.31^***

(3.68)

−7.65^**

(3.79)

0.06

(0.05)

−7.71^**

(3.84)

Edu3

−22.21^***

(4.36)

0.35^***

(0.11)

−22.53^***

(4.40)

−21.42^***

(7.31)

0.40^**

(0.16)

−21.82^***

(7.38)

−27.49^**

(11.28)

0.26^*

(0.15)

−27.75^**

(11.37)

Household’s characteristics

LnWealth

17.41^***

(5.18)

−0.09

(0.06)

17.49^***

(5.21)

18.01^***

(6.13)

−0.02

(0.09)

18.03^***

(6.17)

20.71

(13.76)

−0.22

(0.15)

20.92

(13.84)

Person

−4.19^***

(0.83)

0.02

(0.01)

−4.19^***

(0.83)

−4.28^***

(1.35)

0.001

(0.02)

−4.28^***

(1.36)

−5.16^***

(1.84)

0.03

(0.02)

−5.19^***

(1.85)

Young rate

17.25^***

(5.23)

−0.01

(0.07)

17.30^***

(5.31)

11.52^**

(5.85)

0.05

(0.12)

11.47^*

(5.91)

13.05

(11.67)

−0.10

(0.12)

13.15

(11.74)

Old rate

16.29^***

(3.23)

−0.08^*

(0.05)

16.36^***

(3.25)

18.08^***

(4.05)

−0.08

(0.06)

18.16^***

(4.07)

13.72^*

(7.11)

−0.10

(0.09)

13.82^*

(7.17)

Supporter

−7.77^***

(1.55)

0.15^***

(0.03)

−7.88^***

(1.56)

−11.98^***

(3.99)

0.18^***

(0.06)

−12.15^***

(4.01)

−6.12

(3.73)

0.09^**

(0.04)

−6.21^*

(3.75)

Organization

9.37

(8.51)

−0.14

(0.12)

9.50

(8.55)

23.03

(14.25)

−0.12

(0.21)

23.15

(14.34)

−10.26

(15.72)

−0.07

(0.15)

−10.19

(15.80)

Assistance

0.28^***

(0.10)

−0.003

(0.002)

0.28^***

(0.10)

0.45^**

(0.20)

−0.002

(0.003)

0.46^**

(0.20)

0.31

(0.21)

−0.0009

(0.002)

0.32

(0.21)

Insurance

52.90^***

(8.53)

−0.61^***

(0.15)

53.31^***

(8.57)

38.47^***

(11.89)

−0.38^**

(0.17)

38.85^***

(11.96)

88.35^***

(26.86)

−0.79^***

(0.30)

89.14^***

(27.05)

Diagnostic Tests

Wooldridge’s robust score test (p-value)

71.6

(0.00)

43.4

(0.00)

72.9

(0.00)

33.2

(0.00)

16.1

(0.00)

34.1

(0.00)

31.3

(0.00)

46.0

(0.00)

31.8

(0.00)

Robust regression F test (p-value)

17.9

(0.00)

11.1

(0.00)

18.2

(0.00)

7.8

(0.00)

4.1

(0.00)

8.1

(0.00)

7.8

(0.00)

11.8

(0.00)

7.9

(0.00)

Sargan Test chi2 (p-value)

5.50

(0.14)

1.53

(0.47)

5.55

(0.14)

2.98

(0.39)

0.14

(0.99)

2.97

(0.40)

0.91

(0.64)

1.04

(0.60)

0.91

(0.64)

Observations

3227

3227

3227

1352

1352

1352

1875

1875

1875