Specification A: with year effects only

Consumption (t − 1)

0.4226***
(0.0971)

− 0.1097***
(0.0221)

− 0.1287***
(0.0356)

Consumption (t)

− 0.4171***
(0.0157)

Gini (t − 1)

− 1.7569***
(0.2277)

0.1411*
(0.0784)

0.2846**
(0.1125)

Gini (t)

1.0689***
(0.0494)

Wald χ^{2}test (Chi^{2}(12))

379.57***

103.39***
   
No. of instruments

67

67
   
Arellano–Bond test (Order 2)

0.1642

0.7957
   
Sargan test (54)

0.9536

0.8414
   
Rsquared
  
0.61
 
0.89

Specification B: with year effects and controls

Consumption (t − 1)

0.4818***
(0.1187)

− 0.1048***
(0.0260)

− 0.1229***
(0.0409)

Consumption (t)

− 0.4349***
(0.0188)

Gini (t − 1)

− 1.7196***
(0.2335)

0.1326
(0.0839)

0.2815**
(0.1058)

Gini (t)

1.0610***
(0.0438)

Education (t − 1)

− 0.4117
(0.2881)

0.0140
(0.0846)

0.1221
(0.1285)

Education (t)

0.1576***
(0.0370)

Urban (t − 1)

− 0.1266
(0.1230)

− 0.0226
(0.0487)

0.1223*
(0.0681)

Urban (t)

0.1637***
(0.0201)

Tertiary sector (t − 1)

− 0.3273
(0.2193)

− 0.0302
(0.0784)

− 0.1577
(0.0886)*

Tertiary sector (t)

0.0034
(0.0419)

Aged (t − 1)

− 1.1168
(0.7447)

0.0603
(0.2920)

0.3138
(0.2742)

Aged (t)

− 0.0022
(0.1382)

Intercept

5.2651***
(0.8470)

1.2681***
(0.1898)

1.0952***
(0.3002)

Intercept

3.1240***
(0.1331)

Wald χ^{2}test (Chi^{2}(16))

431.21***

144.99***
   
No. of instruments

71

71
   
Arellano–Bond test (Order 2)

0.1753

0.8226
   
Sargan test (54)

0.7747

0.8315
   
Rsquared
  
0.63
 
0.91
