The economic effects of health care systems on national economies: an input-output analysis of Slovenia

Bekő, Jani; Jagrič, Timotej; Fister, Dušan; Brown, Christine; Beznec, Peter; Kluge, Hans; Boyce, Tammy

doi:10.1080/00036846.2019.1588955

Cited by 7 publications

(7 citation statements)

References 13 publications

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“…Furthermore, it has been argued that standard fiscal stimulus might be less effective than normally expected due to muted Keynesian multiplier feedback (Guerrieri et al [ 10 ]). Additionally, as indicated in the literature (Bekö et al [ 15 ]), the impact of the healthcare sector seems to remain stable throughout the business cycle, which suggests the predictability of economic measures.…”

Section: Resultsmentioning

confidence: 77%

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Reshaping the Healthcare Sector with Economic Policy Measures Based on COVID-19 Epidemic Severity: A Global Study

2022

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Governments around the world are looking for ways to manage economic consequences of COVID-19 and promote economic development. The aim of this study is to identify the areas where the application of economic policy measures would enhance the resilience of societies on epidemic risks. We use data on the COVID-19 pandemic outcome in a large number of countries. With the estimation of multiple econometric models, we identify areas being a reasonable choice for economic policy intervention. It was found that viable remediation actions worth taking can be identified either for long-, mid-, or short-term horizons, impacting the equality, healthcare sector, and national economy characteristics. We suggest encouraging research and development based on innovative technologies linked to industries in healthcare, pharmaceutical, and biotech, promoting transformation of healthcare systems based on new technologies, providing access to quality healthcare, promoting public healthcare providers, and investing in the development of regional healthcare infrastructure, as a tool of equal regional development based on economic assessment. Further, a central element of this study, i.e. the innovative identification matrix, could be populated as a unique policy framework, either for latest pandemic or any similar outbreaks in future.

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Section: Resultsmentioning

confidence: 77%

“…In the economic ecosystem, the healthcare sector plays an important role. The economic impact and economic characteristics of the healthcare sector were broadly explored in the literature [ 12 , 13 , 14 , 15 , 16 , 17 ].…”

Section: Introductionmentioning

confidence: 99%

Reshaping the Healthcare Sector with Economic Policy Measures Based on COVID-19 Epidemic Severity: A Global Study

2022

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“…To explore the healthcare sectors' impact on its economic surroundings, one must study the relationship between the healthcare sector and the further economic sectors as well as the size of the changes in the exogenous environment (demand or supply). Estimating these relationships, empirical studies predominantly employ input-output models (Yamada and Imanaka, 2015; Kim et al , 2017; Bekő et al , 2019; Gutiérrez-Hernández and Abásolo-Alessón, 2021; Jagrič et al , 2021). The input-output multipliers reveal the impact of an exogenous change in the output of a selected sector (in our case the healthcare sector) on the national economy's output, all households' income, employment across all sectors, national economies' value-added or national economies' import (e.g.…”

Section: The Economic Impact On the National Economymentioning

confidence: 99%

“…The input-output multipliers reveal the impact of an exogenous change in the output of a selected sector (in our case the healthcare sector) on the national economy's output, all households' income, employment across all sectors, national economies' value-added or national economies' import (e.g. Bekő et al , 2019). Therefore, the healthcare sector's output multiplier is defined as the value of production in the whole national economy that is necessary to satisfy a monetary unit's final demand for the healthcare sector's output (Miller and Blair, 2009, p. 245).…”

Section: The Economic Impact On the National Economymentioning

confidence: 99%

“…Considering the previous motivation for studying the healthcare sector economic properties, we consider the most recent evidence on the size of their economic multipliers (Yamada and Imanaka, 2015; Kim et al , 2017; Bekő et al , 2019; Gutiérrez-Hernández and Abásolo-Alessón, 2021; Jagrič et al , 2021). While literature reports the size of the multipliers, there is a lack of analysis of the drivers of these values.…”

Section: Introductionmentioning

confidence: 99%

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What drives the healthcare sector's economic impact? Evidence from European countries

Jagrič

Grbenic

Jagrić

2021

IJHG

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PurposeWith high public debts and suffering economies after the COVID-19 pandemic, governments will look for ways to promote recovery. Literature substantially reports on the favorable macroeconomic impact of the healthcare sector.Design/methodology/approachThe authors use data on 19 European countries. Over 30 variables are analyzed to find factors that foster or suppress the economic impact of the healthcare sector. The economic impact is thereby expressed through five types of total multipliers, acting as dependent variables. The authors estimate multiple econometric models.FindingsThe results indicate factors that intensify or reduce the economic impact of the healthcare sector as they cause the value of one or more economic multipliers to augment or to diminish. Positive effects are expected from the growth of public funds' share in total healthcare expenditure leading to a higher output, income and value-added multipliers. The import multiplier diminishes when expenditure on healthcare as percent of GDP rises. On the other hand, rising expenditure on pharmaceuticals in the share of healthcare expenditure lowers the output multiplier. Rising GDP per capita and higher healthcare systems' technical efficiency cause the employment multiplier to lower.Originality/valuePolicymakers can strengthen the economic impact of the healthcare sector on the national economy. This could be achieved by stimulating factors, being identified in our study. Strengthening the economic impact of the healthcare sector is especially welcomed when fostering economic recovery is needed.

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The critical role of the health-care sector in promoting employment for women and migrants in the EU. A multicountry input-output analysis

Barba,

Iraizoz

2024

Economic Systems

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The economic effects of health care systems on national economies: an input-output analysis of Slovenia

Cited by 7 publications

References 13 publications

Reshaping the Healthcare Sector with Economic Policy Measures Based on COVID-19 Epidemic Severity: A Global Study

Reshaping the Healthcare Sector with Economic Policy Measures Based on COVID-19 Epidemic Severity: A Global Study

What drives the healthcare sector's economic impact? Evidence from European countries

The critical role of the health-care sector in promoting employment for women and migrants in the EU. A multicountry input-output analysis

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