The impact of macro-fiscal factors and private health insurance financing on public health expenditure: evidence from the OECD countries for the period 2000–2017

Sfakianakis, Georgios E.; Grigorakis, Nikolaos; Galyfianakis, Georgios; Katharaki, Maria

doi:10.1108/emjb-03-2020-0029

Cited by 12 publications

(12 citation statements)

References 70 publications

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“…tax-based and/or social health insurance-financed schemes). Potential unemployment rate raises would result in health financial resources containments, since job losses and households incomes declines are associated to scaling down social insurance contributions and tax revenues losses (Sfakianakis et al , 2020). Health financial resources downfalls due to unemployment raises result in more tight public budgets allocations in national health systems financing, and thus to greater shares of OOP expenditure to overall financing (Grigorakis et al , 2018).…”

Section: Conclusion and Policy Recommendationsmentioning

confidence: 99%

Assessing the responsiveness of out-of-pocket healthcare expenditure to macro-fiscal factors and different health financing systems: evidence from the European and OECD area

Grigorakis

Galyfianakis

Tsoukatos

2021

EMJB

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PurposeIn this paper, the authors assess the responsiveness of OOP healthcare expenditure to macro-fiscal factors, as well as to tax-based, SHI, mixed systems and voluntary PHI financing. Although the relationship between OOP expenditure, macroeconomy, aggregate public and PHI financing is well documented in the existing empirical literature, little is known for the impact of several macro-fiscal drivers and the existing health financing arrangements associated with voluntary PHI on OOP expenditure.Design/methodology/approachThe authors gather panel data by applying three official organizations’ databases. They elaborate static and dynamic panel data methodology to a dataset of 49 European and OECD countries from 2000 to 2015.FindingsThe authors’ findings do not indicate a considerable impact of GDP growth and general government debt as a share of GDP on OOP payments. Unemployment rate presents as a positive driver of OOP payments in all three compulsory national health systems post to the 2008 economic crisis. OOP payments are significantly influenced by countries’ fiscal capacity to increase general government expenditure to GDP in SHI and mixed health systems. Additionally, study findings present that government health financing, irrespective of the different health systems structure characteristics, and OOP healthcare payments follow different directions. Voluntary PHI financing considerably counteracts OOP payments only in tax-based health systems.Practical implicationsIn the backdrop of a new economic crisis associated to the COVID-19 epidemic, health policy planners have to deal with the emerging unprecedented challenges in financing of health systems, especially for these economies that have to face the fiscal capacity constraints owing to the 2008 financial crisis and its severe recession.Originality/valueTo the best of authors’ knowledge, there is no empirical consensus on the effects of macro-fiscal parameters, different compulsory health systems financing associated with the parallel voluntary PHI institution funding on OOP expenditure, for the majority of European and OECD settings.

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Section: Conclusion and Policy Recommendationsmentioning

confidence: 99%

Assessing the responsiveness of out-of-pocket healthcare expenditure to macro-fiscal factors and different health financing systems: evidence from the European and OECD area

Grigorakis

Galyfianakis

Tsoukatos

2021

EMJB

Self Cite

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“…Around the world, governments, academia, and experts in health economics are faced with increased healthcare costs and are searching for tools to reform and to reduce health expenditures [ 6 , 7 ]. Healthcare costs are increasing more and more across all of the world’s countries and represent a significant burden on each government [ 8 ].…”

Section: Introductionmentioning

confidence: 99%

Identification of Health Expenditures Determinants: A Model to Manage the Economic Burden of Cardiovascular Disease

Salvatore

Spada

Fortunato

et al. 2021

IJERPH

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The purpose of this paper is to investigate the determinants influencing the costs of cardiovascular disease in the regional health service in Italy’s Apulia region from 2014 to 2016. Data for patients with acute myocardial infarction (AMI), heart failure (HF), and atrial fibrillation (AF) were collected from the hospital discharge registry. Generalized linear models (GLM), and generalized linear mixed models (GLMM) were used to identify the role of random effects in improving the model performance. The study was based on socio-demographic variables and disease-specific variables (diagnosis-related group, hospitalization type, hospital stay, surgery, and economic burden of the hospital discharge form). Firstly, both models indicated an increase in health costs in 2016, and lower spending values for women (p < 0.001) were shown. GLMM indicates a significant increase in health expenditure with increasing age (p < 0.001). Day-hospital has the lowest cost, surgery increases the cost, and AMI is the most expensive pathology, contrary to AF (p < 0.001). Secondly, AIC and BIC assume the lowest values for the GLMM model, indicating the random effects’ relevance in improving the model performance. This study is the first that considers real data to estimate the economic burden of CVD from the regional health service’s perspective. It appears significant for its ability to provide a large set of estimates of the economic burden of CVD, providing information to managers for health management and planning.

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“…Referring to the law of Wagner, government spending to invest in public health was highly associated with economic growth (Kentikelenis et al. , 2015; Sfakianakis et al. , 2021).…”

Section: Discussionmentioning

confidence: 99%

“…Their capability in handling the COVID-19 situation was imperative and varied in terms of organizing vaccine rollouts, policy restrictions and adjustments. Referring to the law of Wagner, government spending to invest in public health was highly associated with economic growth (Kentikelenis et al, 2015;Sfakianakis et al, 2021). Vaccines against COVID-19 comes first to strengthen public health.…”

Section: Discussionmentioning

confidence: 99%

COVID-19 full vaccination and blockchain size: empirical evidence from the cryptocurrency market

Havidz

Tiffani

Calvilus

et al. 2022

EMJB

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PurposeThis paper aims to analyse COVID-19 indices and blockchain features on Bitcoin and Ethereum returns, respectively. The authors focus on the most used and owned cryptocurrencies that cover Europe, the US and Asian countries.Design/methodology/approachAn autoregressive distributed lag panel (pooled mean group and mean group) is utilized, and a robustness check is incorporated by using a Random Effect Model and Generalized Method of Moments (GMM).FindingsFour new findings were discovered, including (1) the vaccine confidence index (VCI) pushes economic recovery and increased demand for the Bitcoin market, but the opposite result was interestingly observed from Ethereum; (2) the blockchain features were revealed to be essential to Bitcoin, while they were irrelevant to Ethereum for short-run country-specific results; (3) the hash rate and network difficulty moved inversely during the pandemic; and (4) the government played a significant role in taking action during uncertain times and regarding cryptocurrency policies.Research limitations/implicationsVCI is constructed by the most used vaccine type in our sample countries (i.e. Pfizer), as the data for a specific classification by each type is still unavailable.Practical implicationsProviding an evenly distributed vaccination program primary vaccination series against COVID-19 to the citizens is an essential duty of the government. Bitcoin policymakers and investors should watch the COVID-19 vaccine distributions closely as it will affect its return. Ethereum is emphasized to keep developing its smart contract which appeared to outplay other blockchain features. Cryptocurrency investors should be wise in their investment decisions by analysing the news thoroughly.Social implicationsThis research emphasizes that the success in the roll-out of COVID-19 vaccination requires citizens' willingness to participate and their trust in the vaccine's efficacy. Such self-awareness and self-discipline in society can ultimately empower individuals and stabilise the economy. Nevertheless, the implementation of health protocols is still highly required to prevent the spread of new variants of COVID-19.Originality/valueThis is the first study that attempts to construct a VCI which denotes the confidence derived from the administration of full-dose COVID-19 vaccines (an initial vaccine and a second vaccine). The authors further find the impact on cryptocurrency returns. Next, blockchain size is utilized as a new determinant of cryptocurrencies.

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The impact of macro-fiscal factors and private health insurance financing on public health expenditure: evidence from the OECD countries for the period 2000–2017

Cited by 12 publications

References 70 publications

Assessing the responsiveness of out-of-pocket healthcare expenditure to macro-fiscal factors and different health financing systems: evidence from the European and OECD area

Assessing the responsiveness of out-of-pocket healthcare expenditure to macro-fiscal factors and different health financing systems: evidence from the European and OECD area

Identification of Health Expenditures Determinants: A Model to Manage the Economic Burden of Cardiovascular Disease

COVID-19 full vaccination and blockchain size: empirical evidence from the cryptocurrency market

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