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Health Care Expenditure and Income in the OECD Reconsidered

其他書名	Evidence from Panel Data
出版	SSRN, 2010
URL	http://books.google.com.hk/books?id=ANWPkgEACAAJ&hl=&source=gbs_api

註釋This paper reconsiders the long-run economic relationship between health care expenditure and income using a panel of 20 OECD countries observed over the period 1971-2004. In particular, the paper studies the non-stationarity and cointegration properties between health care spending and income. This is done in a panel data context controlling for both cross-section dependence and unobserved heterogeneity. Cross-section dependence is modelled through a common factor model and through spatial dependence. Heterogeneity is handled through fixed effects in a panel homogeneous model and through a panel heterogeneous model. Our findings suggest that health care is a necessity rather than a luxury, with an elasticity much smaller than that estimated in previous studies.