“…Welfare system: finally, this paper included in the regression the type of welfare system a country offers (Esping-Andersen, 1990;Soede et al, 2004) in order to allow for macroeconomic heterogeneity in determining well-being and job productiviy (Asatiani and Verulava, 2017;Kaasa, 2016). Hence, five macro-categories of welfare states exist in Europe: Nordic (grouping Denmark, Finland, Norway, Sweden and the Netherlands); Continental (Belgium, France, Germany and Switzerland); Anglo-Saxon (UK and Ireland); Mediterranean (Spain, Portugal, Cyprus and Greece); Eastern (Estonia, Lithuania, Bulgaria, Russian Federation, Slovakia, Ukraine and Croatia).…”