40 Table 2: Returns to Education by Development Status

|Dependent Variable:|||Est|imated R|eturns t|o Educatio|n|||
|---|---|---|---|---|---|---|---|---|---|
|Return Specifcation:|(1) N|o Cohor|t FE|(2) Dec|adal Co|hort FE|(3) Eve|nts Coh|ort FE|
|2 Development Groups:|G|D-G|D|G|D-G|D|G|D-G|D|
|1. Baseline|8.7***|0.3|9.0***|8.4***|0.3|8.8***|8.4***|0.3|8.6***|
|2. Log Hourly Wage|8.4***|0.4|8.8***|7.9***|0.8|8.6***|7.8***|0.6|8.5***|
|3. LogHours Worked|0.1|0.4**|0.5***|0.2*|0.3|0.5***|0.2**|0.3|0.5***|
|4. Lagakos et al 2018 (m)|7.0***|1.5***|8.5***|6.5***|1.6***|8.1***|6.5***|1.5***|7.9***|
|5. Lagakos et al 2018 (h)|7.7***|0.6|8.4***|7.3***|0.7|8.0***|7.2***|0.6|7.9***|
|6. CntryPop. 2017 as Wgts|7.9***|2.4*|10.3***|7.8***|2.1|9.9***|7.7***|2.1|9.8***|
|7. Yrs of Educ._≤_13|7.2***|-1.1*|6.2***|7.2***|-0.8|6.4***|7.2***|-0.8|6.40***|
|8. Yrs of Educ._>_13|15.8***|-3.1*|12.8***|15.8***|-3.9**|11.9***|15.5***|-4.0**|11.6***|
|9. Yrs of Educ._≤_13 & Wgts|6.8***|-0.1|6.7***|6.8***|-0.2|6.6***|6.8***|-0.2|6.6***|
|10. Yrs of Educ._>_13 & Wgts|13.8***|-0.7|13.0***|13.4***|-0.4|13.0***|13.1***|-0.4|12.7***|
|11. Row 9 Lagakos et al 18|5.4***|0.6|6.0***|5.2***|0.8|6.0***|5.2***|0.8|5.9***|
|12. Row 10 Lagakos et al 18|15.1***-|3.2***|11.8***|14.4***-|3.1***|11.3***|14.2***-|3.3***|11.0***|

_Notes:_ The dependent variable is the estimated return to education, i.e. the coefficient of the number of years of education.

Table 3: Development, Recessions, Transitions and Returns to Work Experience

|Dep. Var.:|Estimated|Returns t|o Potential|Work Exper|ience (0-15 B|ins) of Cou|ntry_c_in Year_t_|
|---|---|---|---|---|---|---|---|
||(1)|(2|)|(3)|(4)|(5)|(6)|
|Var. of Interest:|High-<br>Income|High-<br>Income|Middle-<br> Income|Share 0-5 Y<br>_≤_-1%|ears Exp. wit<br>_≤_-3%|h Growth<br>_≤_-5%|Years Since<br>Transition|
|_Panel A:_||_Long-Di_|_fference Pa_|_nel Regressi_|_on (N = 244;_|_226 in (3)-(5_|_))_|
|Var. of Interest_c, t_|1.11**|1.63***|0.47|-1.32**|-1.68***|-2.24***|0.08***|
||[0.45]|[0.61]|[0.41]|[0.50]|[0.52]|[0.78]|[0.02]|
|_Panel B:_|_Long-Diff._|_Panel Reg_|_ression, Ct_|_rl for High-I_|_ncome Dum_|_my (N = 244;_|_226 in (3)-(5))_|
|Var. of Interest_c, t_||||-1.31***|-1.64***|-2.05**|0.07***|
|||||[0.48]|[0.51]|[0.79]|[0.02]|
|High-Income_c, t_||||1.06***|1.00***|0.83**|0.97**|
|||||[0.31]|[0.36]|[0.41]|[0.41]|
|_Panel C:_||_Five-_|_Year Panel_|_Regression_|_(N = 420; 390_|_in (3)-(5))_||
|Var. of Interest_c, t_|1.03**|1.11*|0.08|-0.96|-1.15*|-1.52*|0.07**|
||[0.52]|[0.64]|[0.39]|[0.60]|[0.63]|[0.88]|[0.03]|
|CountryFE, Year FE|Y|Y||Y|Y|Y|Y|

_Note:_ This table uses panel regressions to explore how returns to experience correlate with various country-level factors. These include development status, recessions, and duration (no. of years) post communism. The sample consists of 122 countries with returns available for several years. Panels A-B: First and last years of data only (weighted by the number of years between the first year and last year). Panel C: Five-year panel for _t_ = _{_ 1994 (1990-1996), 1999 (1997-2001), 2004 (2002-2006), 2009 (2007-2011), 2014 (2012-2016) _}_ . Robust SEs (clustered at the country level in Panel C): * p _<_ 0.10, ** p _<_ 0.05, *** p _<_ 0.01.