Variables

All households

“ex ante” households

“ex post” households

(1)

(2)

(3)^a

(4)

(5)^a

(6)^a

(7)^a

(8)

(9)^a

Total flow ratio

Flow liquid asset ratio

Flow productive asset ratio

Total flow ratio

Flow liquid asset ratio

Flow productive asset ratio

Total flow ratio

Flow liquid asset ratio

Flow productive asset ratio

Constant

4.45^**

(1.99)

1.68^***

(0.55)

2.64

(1.66)

5.02

(3.30)

1.69^**

(0.77)

3.18

(2.50)

6.84

(4.42)

2.70^**

(1.35)

4.59

(3.87)

Household head’s characteristics

Gender

0.17^***

(0.06)

0.05^***

(0.02)

0.12^**

(0.05)

0.20

(0.12)

0.05

(0.03)

0.15

(0.09)

0.15^*

(0.08)

0.06^*

(0.03)

0.11

(0.07)

Edu2

0.12

(0.09)

0.05^**

(0.02)

0.06

(0.08)

0.22

(0.20)

0.07^*

(0.04)

0.16

(0.17)

0.02

(0.08)

0.03

(0.04)

−0.006

(0.06)

Edu3

0.48^***

(0.15)

0.19^***

(0.05)

0.26^**

(0.12)

0.75^***

(0.29)

0.23^***

(0.09)

0.45^**

(0.22)

0.45

(0.28)

0.20^**

(0.09)

0.30

(0.24)

Household’s characteristics

LnWealth

−0.28^*

(0.15)

−0.11^***

(0.04)

−0.16

(0.13)

−0.33

(0.25)

−0.12^**

(0.06)

−0.20

(0.19)

−0.49

(0.33)

−0.19^*

(0.10)

−0.32

(0.29)

Person

0.06^**

(0.03)

0.02^***

(0.008)

0.03

(0.02)

0.12^**

(0.06)

0.03^**

(0.01)

0.08^*

(0.04)

0.05

(0.04)

0.03^**

(0.01)

0.03

(0.04)

Young rate

−0.04

(0.17)

−0.04

(0.04)

−0.04

(0.14)

−0.20

(0.28)

−0.06

(0.07)

−0.23

(0.21)

−0.16

(0.29)

−0.09

(0.08)

−0.04

(0.25)

Old rate

−0.35^***

(0.09)

−0.10^***

(0.03)

−0.24^***

(0.07)

−0.37^**

(0.17)

−0.09^**

(0.04)

−0.25^**

(0.12)

−0.37^***

(0.14)

−0.13^**

(0.05)

−0.26^**

(0.12)

Supporter

0.08

(0.06)

0.07^***

(0.02)

−0.04

(0.03)

0.35^**

(0.18)

0.12^***

(0.04)

0.10

(0.11)

−0.08

(0.06)

0.01

(0.03)

−0.07

(0.04)

Organization

−0.26

(0.23)

−0.07

(0.07)

−0.17

(0.18)

−0.72

(0.55)

−0.24^*

(0.14)

−0.51

(0.41)

−0.20

(0.32)

0.003

(0.09)

−0.21

(0.28)

Assistance

−0.01^***

(0.004)

−0.004^***

(0.001)

−0.004^*

(0.002)

−0.03^**

(0.01)

−0.005^**

(0.002)

−0.01^*

(0.007)

−0.0002

(0.003)

−0.0008

(0.001)

−0.0007

(0.003)

Insurance

−1.23^***

(0.36)

−0.49^***

(0.10)

−0.54^**

(0.22)

−1.72^***

(0.61)

−0.39^***

(0.12)

−0.94^**

(0.41)

−0.76^*

(0.42)

−0.52^***

(0.20)

−0.46

(0.35)

Diagnostic Tests

Wooldridge’s robust score test (p-value)

27.3

(0.00)

112.7 (0.00)

13.9

(0.00)

19.1

(0.00)

55.1

(0.00)

9.8

(0.04)

24.6

(0.00)

66.4

(0.00)

10.4

(0.03)

Robust regression F test (p-value)

7.0

(0.00)

29.6

(0.00)

3.5

(0.00)

4.7

(0.00)

14.1

(0.00)

2.5

(0.04)

6.3

(0.00)

17.4

(0.00)

2.6

(0.03)

Sargan Test chi2 (p-value)

2.94

(0.23)

2.34

(0.31)

3.83

(0.28)

1.27

(0.53)

2.20

(0.53)

3.15

(0.39)

2.11

(0.55)

1.10

(0.58)

1.29

(0.73)

Observations

3227

3227

3227

1352

1352

1352

1875

1875

1875