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Private health insurance consumption and public health-care provision in OECD countries: Impact of culture, finance, and the pandemic

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  • Trinh, Cong Tam
  • Chao, Chi-Chur
  • Ho, Nhut Quang

Abstract

In this paper, we investigate private health insurance (PHI) spending in Organization for Economic Co-operation and Development (OECD) economies for the period 2000–2020, with a focus on the impact of financial, cultural, and health-environment factors. PHI consumption is positively associated with financial development and cultural–social–economic factors, such as income, education, individualism, uncertainty avoidance, and long-term orientation, whereas it is negatively associated with public health spending, masculinity, indulgence, and power distance. In addition, factors related to the health environment, such as the COVID-19 pandemic, have a negative influence on PHI consumption in the selected OECD economies owing to losses in income. Our findings can serve as guidance for consumers and recommendations for health insurers and policymakers in designing health insurance policies and programs in developed and developing countries.

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  • Trinh, Cong Tam & Chao, Chi-Chur & Ho, Nhut Quang, 2023. "Private health insurance consumption and public health-care provision in OECD countries: Impact of culture, finance, and the pandemic," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:ecofin:v:64:y:2023:i:c:s106294082200184x
    DOI: 10.1016/j.najef.2022.101849
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    2. Cong Tam Trinh & Minh-Tri Ha & Nhut Quang Ho & Tho Alang, 2023. "National culture, public health spending and life insurance consumption: an international comparison," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.

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    More about this item

    Keywords

    Financial development; Private health insurance; Culture; COVID-19 pandemic;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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