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Table 3 Evaluation of the old-age pension reform in 1997 & business cycle variables, Spanish male 45–59; relative risk ratios

From: Business cycle and spillover effects on pre-retirement behavior in Spain

  Disability Unemployment Inactivity
Year Contributed=15 1.646** 1.088 0.939
  (0.369) (0.088) (0.131)
Year Contributed=15*Post1997 0.0711*** 1.139 0.666
  (0.073) (0.300) (0.246)
15<Year Contributed≤25 1.451*** 0.880** 0.925
  (0.187) (0.051) (0.064)
15<Year Contributed≤25*Post1997 0.451*** 0.725 1.036
  (0.071) (0.142) (0.121)
25<Year Contributed<35 1.038 1.289*** 0.731***
  (0.145) (0.108) (0.068)
25<Year Contributed<35*Post1997 0.939 0.178*** 1.566***
  (0.137) (0.036) (0.198)
Year Contributed≥35 1.051 0.535*** 0.981
  (0.138) (0.106) (0.140)
UnemRateCCAA 0.999 1.069*** 1.046***
  (0.005) (0.006) (0.004)
UnemRateSector 1.003 8.862*** 0.939***
  (0.009) (0.563) (0.008)
GDP Growth 0.951* 0.745*** 0.672***
  (0.025) (0.008) (0.017)
Observations 6,442,191 6,442,191 6,442,191
  1. Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1.
  2. Note: We present only selected results for this model. The omitted categories for the dummy variables are laborers without a high-school degree for the education dummies, public administration for the sector of the economy in which the individual works, Madrid for the regional dummies and the cohort of 1935–40.