Ανάλυση χρονολογικών σειρών και οικονομετρική προσέγγιση της σχέσης δαπανών υγείας & Α.Ε.Π. σε χώρες του Ο.Ο.Σ.Α.
Time series analysis and econometric approach of the relationship between health expenditures and GDP in O.E.C.D. countries
KeywordsΑκαθάριστο Εγχώριο Προϊόν ; Δαπάνες υγείας ; Χρονολογικές σειρές ; Στασιμότητα ; Έλεγχος μοναδιαίας ρίζας ; Αιτιότητα κατά Granger ; Συνολοκλήρωση ; Υπόδειγμα διόρθωσης λαθών ; Εισοδηματική ελαστικότητα ; Gross Domestic Product ; Health expenditures ; Time series ; Unit root tests ; GDP ; Granger causality ; Co-integration ; Error correction model ; Income elasticity
The purpose of this study is to investigate the relationship between GDP and Health Expenditures in countries of Organisation For Economic Cooperation and Development. The study captures a theoretical part of the two variables and econometric techniques for the empirical investigation of their relationship. For this empirical investigation, ADF and Phillips Perron tests are used for the determination of time series stationarity. Subsequently, the causal relationship between GDP and health expenditures is approached through Granger causality test. After that, Engle & Granger theorem is used to investigate the co-integration between the variables which had shown casual relationship in accordance with the previous test and the estimation of Error Correction Model. Finally, health income elasticity is estimated based on macroeconomic data. This study came up with a variety of results. Health expenditures and GDP for seven of the ten countries in this study, showed a causal relationship between them. For six countries, GDP Granger causes health expenditure, and only in one country the relationship between the two variables is binary. According to the Engle Granger test, health expenditure and GDP of the seven countries which were tested are co- integrated. Finally, health is a luxury good for the studied countries, by estimating their income elasticity greater than one, confirming previous similar studies based on macroeconomic data.