Table 2: Estimates of the pseudo-panel model, level of educational attainment

|**A. 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−_30<sup>(1</sup>|<sup>_−r_)</sup><sup>_t−sDp,s_</sup><br>�|||||||
|---|---|---|---|---|---|---|---|---|
|Equation:_Yc,g,p,ewc,g,p,e_=|[_α_+_θYc,g,p,e−_|1+_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_||||
||||**Dependent**|**variable: Ave**|**rage years of e**|**ducation**|||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Stock of democracy**|||||||||
|From 30 years before<br>birth to 20years after it|-0.0008***<br>(0.000)|0.0017***<br>(0.001)|-0.0011***<br>(0.000)|0.0018***<br>(0.001)|-0.0015***<br>(0.000)|0.0019***<br>(0.001)|-0.0016***<br>(0.000)|0.0019**<br>(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)|0.0001***<br>(0.000)|
|Constant|0.1418<br>(0.122)|2.1783***<br>(0.316)|0.1474<br>(0.119)|2.0949***<br>(0.312)|0.1365<br>(0.118)|1.9990***<br>(0.314)|0.1273<br>(0.123)|1.8085***<br>(0.314)|
|**Full set of fxed effects**|No|Yes|No|Yes|No|Yes|No|Yes|
|**_R2_**|0.918|0.955|0.918|0.955|0.918|0.954|0.918|0.954|
|**_Clusters_**|126|126|126|126|126|126|126|126|
|**Observations**|1598|1598|1598|1598|1598|1598|1598|1598|
|**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>)</sup><sup>_t−sDp,s_</sup><br>�|||||||
|Equation:_Yc,g,p,ewc,g,p,e_=|[_α_+_θYc,g,p,e−_|1+_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_||||
||||**Dependen**|**t variable: Av**|**erage years of**|**education**|||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Stock of democracy**|||||||||
|From the year of birth to|-0.0010***|0.0009**|-0.0012***|0.0011**|-0.0013***|0.0013**|-0.0015***|0.0014**|
|20years after it|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.001)|(0.000)|(0.001)|
|Squared value|0.0000|0.0000***|0.0000|0.0000***|-0.0000|0.0001***|-0.0000|0.0001***|
||(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|
|Constant|0.1327|0.4144|0.1291|0.4379|0.1258|0.4314|0.1260|1.5764***|
||(0.122)|(0.283)|(0.124)|(0.300)|(0.126)|(0.320)|(0.130)|(0.294)|
|**Full set of fxed effects**|No|Yes|No|Yes|No|Yes|No|Yes|
|**_R2_**|0.918|0.953|0.918|0.953|0.918|0.953|0.917|0.953|
|**_Clusters_**|126|126|126|126|126|126|126|126|
|**Observations**|1598|1598|1598|1598|1598|1598|1598|1598|

_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.

Let us consider now dispersion in educational attainment. Focusing on coulmns (2), (4), (6) and (8), and both panel A and panel B, I find that the predicted impact on educational attainment of a decade of high-quality democracy is approximately between 0.02 and 0.4 years of education. Considering that the average dispersion is almost 4.7 years, this means that by having 20 years of high quality democratic institutions we could reduce the dispersion in the years of education (on 16