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Wealthier is healthier? Healthier is wealthier? A comprehensive econometric analysis of the European countries

Author

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  • Reyhan Cafri Açci

    (Department of International Trade and Management, Faculty of Business and Management Sciences, İskenderun Technical University, İskenderun, Hatay, Turkey)

  • Pinar Kaya Samut

    (Department of Econometrics, Faculty of Economics and Administrative Sciences, Akdeniz University, 07058, Antalya, Turkey)

Abstract

Healthier people contribute more to the development of the economy. Besides, in a better economy, people have a better quality and healthier life. At this stage, one has to ask which one precedes the other: health or wealth? To find the answer, this study aims to investigate the causality relationship between health and inclusive wealth in the European countries for the period of 1990–2015. The causality between health and inclusive wealth scores, which are estimated by cluster and discriminant analyses, is investigated by the panel causality test. The research results indicate bidirectional causality between health and inclusive wealth. A one-way causality is detected in 11 cases as being from inclusive wealth to health and in 8 the other way. Furthermore, a two-way causality is found in 2 countries. Among the results, it is noteworthy that 91% of the countries with causality from inclusive wealth to health are among the healthy countries.

Suggested Citation

  • Reyhan Cafri Açci & Pinar Kaya Samut, 2021. "Wealthier is healthier? Healthier is wealthier? A comprehensive econometric analysis of the European countries," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 71(3), pages 387-404, September.
    • Handle: RePEc:aka:aoecon:v:71:y:2021:i:3:p:387-404
    DOI: 10.1556/032.2021.00019
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    More about this item

    Keywords

    inclusive wealth; health; two-step cluster analysis; discriminant analysis; panel causality; the EU;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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