The name is absent



of a rather ‘kitchen-sink’ nature so that its estimate is not easy to interpret. The effect of
family allowances is in fact significant at 10 percent level, which may indicate that relaxing
parents’ budget constraints in the poorest families may have a positive effect on the average
achievement level of students.

Table 5. The effect of social expenditures on student achievement

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Gov. social expenditures, percent
of GDP (log)

-0.488*

(0.223)

-0.670**

(0.230)

-0.997*

(0.464)

-0.899+

(0.457)

0.505
(1.070)

-

-

-

GDP per capita (log)

-

0.717*

0.523

1.508+

6.500**

-0.686

0.546

-0.008

(0.315)

(0.895)

(0.863)

(2.355)

(1.262)

(0.872)

(1.000)

Percentage secondary school

-

1.225**

0.548

0.433

0.572

-0.026

0.671

0.444

attained among adults (log)

(0.275)

(0.627)

(0.604)

(1.167)

(1.255)

(0.6216

(0.704)

Population size (log)

-

-0.028

4.448+

2.865

-11.63

-2.474

3.653

4.268

(0.61)

(2.398)

(2.371)

(9.178)

(4.845)

(2.323)

(3.132)

Trend

-

-

-

-0.031

(0.022)

-

-

-

-

Pension spending (log)

-

-

-

-

-

-2.470*

(1.033)

-0.986**
(0.333)

-

Active labor market policy
spending (log)

-

-

-

-

-

-0.392

(0.298)

-

-0.576**
(0.191)

Unemployment spending (log)

-

-

-

-

-

-0.317

(0.210)

-

-

Family allowances (log)

-

-

-

-

-

0.824+

(0.422)

-

-

Health care spending (log)

-

-

-

-

-

0.208
(0.814)

-

-

Housing spending (log)

-

-

-

-

-

-0.042

(0.198)

-

-

Other spending (log)

-

-

-

-

-

0.912
(0.667)

-

-

Country fixed effects

No

No

Yes

Yes

Yes

Yes

Yes

Yes

Time fixed effects

No

Yes

Yes

No

Yes

Yes

Yes

Yes

Country specific trends

No

No

No

No

Yes

No

No

No

Observations

124

121

121

121

118

80

121

113

No of countries

29

28

28

28

26

19

28

28

R2

0.038

0.339

0.861

0.835

0.932

0.825

0.868

0.863

R2 (within)

-

-

0.258

0.118

0.665

0.571

0.293

0.376

Note. Absolute standard errors in parentheses, +, * and **
respectively.

: denote significance at 10, 5 and 1 percent level,

The different expenditure components are positively correlated, which may contribute to the
heterogeneous and mainly insignificant effects in column (6). Thus, we have run regressions

19



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