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

Reyhan Cafri Açci and Pinar Kaya Samut ()
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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

Acta Oeconomica, 2021, vol. 71, issue 3, 387-404

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.

Keywords: inclusive wealth; health; two-step cluster analysis; discriminant analysis; panel causality; the EU (search for similar items in EconPapers)
JEL-codes: C33 C38 I15 O52 (search for similar items in EconPapers)
Date: 2021
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