Will the Economic Recession Inhibit the Out-of-Pocket Payment Willingness for Health Care?

Yuhang Zheng, Zhehao Huang and Tianpei Jiang
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Yuhang Zheng: School of Finance and Collaborative Innovation Center of Scientific Finance & Industry, Guangdong University of Finance & Economics, Guangzhou 510320, China
Zhehao Huang: Guangzhou International Institute of Finance, Guangzhou University, Guangzhou 510405, China
Tianpei Jiang: School of Information Science and Technology, ShanghaiTech University, Shanghai 201210, China

IJERPH, 2020, vol. 17, issue 3, 1-16

Abstract: We used an individual regression and panel data regression method to analyze the samples of 60 countries from 2000 to 2016 to study the impact of the economic recession on residents’ out-of-pocket payment willingness for health care. Although we found an increase in the willingness during the economic recession in most countries, we couldn’t find significant evidence of a positive relationship between the economic recession and such willingness. We discovered that the relationship differentiates in different countries, which mainly depends on the differences in the medical systems and degree of economic development. By controlling individual differences in countries, we found that the economic recession inhibited the out-of-pocket payment willingness for health care. Especially after the impact of the financial crisis in 2008, the cumulative effect of the economic recession and the aftershock of financial crisis was discovered, which significantly inhibited residents’ willingness. In addition, we verified that the economic recession inhibited the out-of-pocket payment willingness by reducing employee compensation in specific types of countries.

Keywords: economic recession; health care; out-of-pocket payment willingness; financial crisis (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2020
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