Economic Growth, Financial Development, Energy Consumption and Life Expectancy: Fresh Evidence from ASEAN countries

Abstract

The study examines the relationship between economic growth and life expectancy by considering the potential role of financial development and energy consumption in ASEAN Countries. Unit root testing was applied to check the level stationarity data before checking for cointegration between variables using the Error Correction Term (ECT) approach, and ARDL bounds testing was applied for cointegration with structural damage that occurred at a specific time using the Pooled Mean Group (PMG) and Pooled Mean Group (MG). The empirical results showed the existence of cointegration among variables. PMG was selected based on Hausmann Test that indicated energy consumption could significantly and positively affect life expectancy. Therefore, ASEAN countries would be extensively dependent on non-renewable energy to generate their economic activities in the long run. In contrast, in the short run, higher economic growth can reduce life expectancy in most developing countries, as energy consumption is examined to affect life.

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“…Another possible explanation for this finding is that an increase in ECD means that the income level of citizens will be on the rise; this can provide financial stability and enable people to pay for proper medical care to remedy specific illnesses and prolong lives [ 29 ]. Similar to these results [ 26 ], reported that an improvement in income and ECD is essential in making citizens more health-conscious, influencing their living standards, and ultimately improving their LEX. The finding from this analysis complies with the results from erstwhile studies that revealed that ECD positively impacts LEX [ [25] , [26] , [27] , [28] , 94 ].…”

“…The indicator for LEX at birth was selected based on the analysis by Refs. [ 5 , 27 , 29 ]; ECD [ [25] , [26] , [27] ]; HUC [ 36 , 49 , 50 ]; AIP [ 10 , 29 , 54 ]; REC [ 31 , 59 , 60 ] and NRR [ 38 , 45 ]. Following these prior studies, equation (1) will be used to determine the function of the antecedents of LEX.…”

“…The government has also invested in preventive health care measures, including promoting and educating about healthy eating habits and physical activities, which are likely contributing to improving LEX. Adding to the literary work on economic development and life expectancy [ 26 ], examined the ASENA communities with the ARDL bounds test approach. The findings confirmed that economic progress significantly influenced life expectancy in the short run.…”

“…To begin with, prior studies have demonstrated LEX is regarded as an integral health component that affects economic development (ECD) and the well-being of economies [ [25] , [26] , [27] ]. An exponential rise in LEX can be linked with an increase in the income of the citizens of a country [ 26 ]. demonstrated that an upsurge in ECD reflects an economy with a higher level of LEX.…”

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“…iii) The results provided by the literature reveal that economic growth improves health status (Sirag et al, 2017;Majeed et al, 2021;Bouchoucha, 2021;Wang et al, 2020a;Azam et al, 2022;Bunyaminu et al, 2022;Hendrawaty et al, 2022;Sial et al, 2022). On the other hand, Ecevit et al (2022) indicate that economic growth negatively affects health outcomes in Turkey.…”