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Health Care Expenditure and Income: A Global Perspective.

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posted on 2016-11-08, 15:35 authored by Badi Hani Baltagi, R. Lagravinese, F. Moscone, E. Tosetti
This paper investigates the long-run economic relationship between healthcare expenditure and income in the world using data on 167 countries over the period 1995-2012, collected from the World Bank data set. The analysis is carried using panel data methods that allow one to account for unobserved heterogeneity, temporal persistence, and cross-section dependence in the form of either a common factor model or a spatial process. We estimate a global measure of income elasticity using all countries in the sample, and for sub-groups of countries, depending on their geo-political area and income. Our findings suggest that at the global level, health care is a necessity rather than a luxury. However, results vary greatly depending on the sub-sample analysed. Our findings seem to suggest that size of income elasticity depends on the position of different countries in the global income distribution, with poorer countries showing higher elasticity.

History

Citation

Health Economics, 2016

Author affiliation

/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/Department of Economics

Version

  • AM (Accepted Manuscript)

Published in

Health Economics

Publisher

Wiley

issn

1057-9230

eissn

1099-1050

Acceptance date

2016-08-24

Available date

2017-09-29

Publisher version

http://onlinelibrary.wiley.com/doi/10.1002/hec.3424/abstract

Language

en

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