Table 6 Moderating effects of the NRCMS on the impact of health shocks on resident consumption upgrading

L.y

0.3638^***

0.1008

0.3121^***

− 0.0430

(0.0452)

(0.0674)

(0.0524)

(0.0616)

H_rate

0.0752^*

0.8948^***

− 0.0682^**

− 1.3411^***

(0.0426)

(0.2211)

(0.0339)

(0.2487)

NRCMS

0.2439^***

− 0.3657^***

(0.0487)

(0.0632)

Treat3

− 0.0169^***

0.0247^***

(0.0034)

(0.0043)

Gender

− 0.0773

− 0.0627

0.0315

0.1360

(0.0617)

(0.1194)

(0.0360)

(0.1376)

Edu

0.0617

0.0122

0.0008

− 0.0668

(0.0659)

(0.0701)

(0.0818)

(0.0583)

Marry

− 0.1463^*

− 0.2891^**

− 0.1013^**

0.0679

(0.0772)

(0.1246)

(0.0466)

(0.1327)

Unemp

0.4868

− 0.6486

0.1258

0.3725

(0.6747)

(0.5206)

(0.5259)

(0.5864)

H_size

2.0663^**

− 3.8589^**

− 2.7166^***

2.2585

(0.7903)

(1.2246)

(0.7257)

(1.4529)

Dpd_ratio

− 0.0672

0.3694^***

0.1215^**

− 0.1542^*

(0.0565)

(0.0747)

(0.0508)

(0.0865)

Urban

0.0131

− 0.0208

0.0057

0.0241

(0.0312)

(0.0474)

(0.0164)

(0.0755)

Social security

− 0.4486^***

− 0.3345^***

0.3092^***

0.3507^***

(0.0604)

(0.0827)

(0.0359)

(0.0626)

Tertiary_gdp

− 0.0658

0.0095

− 0.0262

− 0.0489

(0.0452)

(0.0564)

(0.0463)

(0.0332)

Agri_gdp

− 0.0599

− 0.0924

− 0.0618

− 0.0789

(0.0598)

(0.0866)

(0.0400)

(0.0810)

Fixed_asset

0.0952^***

0.0654^***

− 0.0335^***

0.0079

(0.0142)

(0.0196)

(0.0090)

(0.0130)

_cons

60.2023^***

77.7449^***

27.3892^**

27.6318

(12.6287)

(18.7882)

(10.6222)

(26.1355)

N

521

273

521

273

Arellano-Bond AR(1) Test

− 4.18^***

− 3.33^**

− 3.46^***

− 2.25^***

Arellano-Bond AR(2) Test

− 0.22

0.81

1.01

1.23

Hansen overidentification test

28.44

27.02

28.79

24.56