The Causal Relationship between Health Expenditures, Capital Accumulation and Economic Growth: An Evidence from Developed and Developing Countries

Abstract

The factors related to economic growth, which is one of the main macroeconomic targets, is among the topics that are frequently researched in the literature. Factors associated with economic growth may differ across to the development levels and economic structures of the countries. In this context, the aim of this study is to examine the causal relationship between health expenditures, capital accumulation and economic growth in 29 developed and 10 developing countries over the period 1999-2018 using Dumitrescu and Hurlin (2012) panel causality method. Panel causality findings have proven the existence of bi-directional causality between health expenditures and economic growth, as well as between capital accumulation and economic growth in developed countries. In developing countries, there is uni-directional relationship from economic growth to health expenditures. There is also uni-directional causality from capital accumulation to economic growth. Developed countries should develop policies stimulating capital accumulation as well as health expenditures in order to encourage economic growth, which, in turn, contribute to capital accumulation and health expenditures. On the other hand, developing countries should implement policies that encourage capital accumulation and economic growth to increase health spending.

Keywords

• Capital Accumulation
• Health Expenditures
• Economic Growth
• Panel Causality

Sağlık Harcamaları, Sermaye Birikimi ve Ekonomik Büyüme Arasındaki Nedensel İlişki: Gelişmiş ve Gelişmekte Olan Ülkeler Üzerine Bir İnceleme

Abstract

Temel makroekonomik hedeflerin başında gelen ekonomik büyüme ile ilişkili olan faktörlerin neler olduğu literatürde sıklıkla araştırılan konular arasında yer almaktadır. Ekonomik büyüme ile ilişkili faktörler ülkelerin gelişmişlik düzeylerine ve ekonomik yapılarına göre farklılık gösterebilmektedir. Bu bağlamda çalışmanın amacı 29 gelişmiş ve 10 gelişmekte olan ülkede sağlık harcamaları, sermaye birikimi ve ekonomik büyüme arasındaki nedensellik ilişkisinin 1999-2018 dönemi için Dumitrescu ve Hurlin (2012) panel nedensellik yöntemi ile incelenmesidir. Panel nedensellik bulguları, gelişmiş ülkelerde hem sağlık harcamaları ile ekonomik büyüme arasında hem de sermaye birikimi ile ekonomik büyüme arasında çift yönlü bir nedensellik ilişkisinin varlığını kanıtlamıştır. Gelişmekte olan ülkelerde ise ekonomik büyümeden sağlık harcamalarına; sermaye birikimden ekonomik büyümeye doğru tek yönlü bir nedensellik ilişkisinin olduğu tespit edilmiştir. Gelişmiş ülkeler sermaye birikimini ve sağlık harcamalarını artırmaya yönelik politikalar uygulayarak ekonomik büyümeyi teşvik etmelidir. Böylece sermaye birikimi ve sağlık harcamalarına katkı sağlamalıdır. Diğer taraftan gelişmekte olan ülkeler ise sağlık harcamalarını artırmak için sermaye birikimini ve ekonomik büyümeyi teşvik eden politikalar uygulamalıdır.

Keywords

• Sermaye Birikimi
• Sağlık Harcamaları
• Ekonomik Büyüme
• Panel Nedensellik

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