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

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