average) by 9%.

Table 3: Estimates of the pseudo-panel model, dispersion in educational attainment

|**A. Equation: Assuming**<br>_D_|_c,p_= <sup>1</sup><br>3 <sup>∑</sup><sup>_t∈c_</sup>|�<br>∑<sup>_t_+20</sup><br>_s_=_t−_30<sup>(1</sup><sup>_−r_</sup>|<sup>)</sup><sup>_t−sDp,s_</sup><br>�||||||
|---|---|---|---|---|---|---|---|---|
|Equation:_Yc,g,p,ewc,g,p,e_=|[_α_+_β_<br>_Dc,p_|+_δ_<br>_D_<sup>2</sup><br>_c,p_ <sup>+</sup><sup>_ηg_</sup> <sup>+</sup>|<sup>_φp_</sup> <sup>+</sup><sup>_φe_</sup> <sup>+</sup><sup>_ψp,e_</sup>|<sup>+</sup><br>_εc,g,p,e_]_wc,g,_|_p,e_||||
||**De**|**pendent variab**|**le: Standard**|**deviation of y**|**ears of educat**|**ion**|||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Stock of democracy**|||||||||
|From 30 years before|-0.0010**|-0.0014*|-0.0014**|-0.0019**|-0.0022***|-0.0029***|-0.0034***|-0.0043***|
|birth to 20years after it|(0.000)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|Squared value|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|0.0000<br>(0.000)|
|Constant|4.3260***<br>(0.071)|4.1864***<br>(0.149)|4.3202***<br>(0.069)|4.1644***<br>(0.153)|4.3120***<br>(0.067)|4.1361***<br>(0.157)|4.3026***<br>(0.066)|4.3012***<br>(0.120)|
|**Full set of fxed effects**|No|Yes|No|Yes|No|Yes|No|Yes|
|**_R2_**|0.039|0.240|0.051|0.255|0.071|0.278|0.097|0.304|
|**_Clusters_**|126|126|126|126|126|126|126|126|
|**Observations**|1850|1850|1850|1850|1850|1850|1850|1850|
|**B. Assuming**<br>_Dc,p_= <sup>1</sup><br>3 <sup>∑</sup><sup>_t∈_</sup>|<sup>_c_</sup><br>�<br>∑<sup>_t_+20</sup><br>_s_=_t_ <sup>(1</sup>|<sup>_−r_)</sup><sup>_t−sDp,s_</sup><br>�|||||||
|Equation:_Yc,g,p,ewc,g,p,e_=|[_α_+_β_<br>_Dc,p_|+_δ_<br>_D_<sup>2</sup><br>_c,p_ <sup>+</sup><sup>_ηg_</sup> <sup>+</sup>|<sup>_φp_</sup> <sup>+</sup><sup>_φe_</sup> <sup>+</sup><sup>_ψp,e_</sup>|<sup>+</sup><br>_εc,g,p,e_]_wc,g,_|_p,e_||||
||**D**|**ependent varia**|**ble: Standar**|**d deviation of**|**years of educa**|**tion**|||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Stock of democracy**|||||||||
|From the year of birth to|0.0001|-0.0002*|0.0001|-0.0003**|0.0001|-0.0004**|-0.0000|-0.0005***|
|20years after it|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|
|Squared value|-0.0000*<br>(0.000)|-0.0000***<br>(0.000)|-0.0000*<br>(0.000)|-0.0000***<br>(0.000)|-0.0000<br>(0.000)|-0.0000***<br>(0.000)|-0.0000<br>(0.000)|-0.0000***<br>(0.000)|
|Constant|0.2991***<br>(0.014)|0.2049***<br>(0.010)|0.2986***<br>(0.014)|0.2052***<br>(0.010)|0.2980***<br>(0.014)|0.2064***<br>(0.011)|0.2974***<br>(0.015)|0.2290***<br>(0.014)|
|**Full set of fxed effects**|No|Yes|No|Yes|No|Yes|No|Yes|
|**_R2_**|0.050|0.616|0.043|0.624|0.036|0.632|0.031|0.632|
|**_Clusters_**|126|126|126|126|126|126|126|126|
|**Observations**|1850|1850|1850|1850|1850|1850|1850|1850|

_Note_ : Robust standard errors clustered by country and birth-cohort in parentheses. * Significant at ten percent; ** significant at five percent; *** significant at one percent. Specifications (1), (3), (5) and (7) do not include fixed effects. Specifications (2), (4), (6) and (8) include the following fixed effects: gender ( _η_ ), country ( _φ_ ), survey ( _φ_ ), and an interaction between survey and country fixed effects ( _ψ_ ). Source: Author’s calculations based on data from Latin American household surveys, 1995-2009, biannual and Polity IV Project.

# **5.2 Robustness**

In this section I verify if my results survive statistical scrutiny. As a first robustness check I test if my results hold when using five-year-span birth-cohorts and seven-year-span birth-cohorts, with the concomitant of smaller samples. I include the results of these regressions in an online appendix in 17