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The Impact of Health Capital on Economic Growth in the Balkan Countries

In: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Opatija, Croatia, 17-18 June 2022

Author

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  • Kaštelan, Uršula
  • Konatar, Milena

Abstract

This study estimates the impact of health capital on economic growth in 10 Balkan countries over the 2000-2019 period. We used panel autoregressive distributed lag (ARDL) of a pooled mean group (PMG) to examine this relationship. Our results revealed that economic growth responds to short-term and long-term health capital changes. Estimation results indicate a positive relationship between health capital and the economic growth of Balkan countries. According to the results, increased health expenditure stimulates higher economic growth and development. The findings imply the need to formulate policies that assign higher priority to the healthcare sector, which would help sustain future economic growth in Balkan countries.

Suggested Citation

  • Kaštelan, Uršula & Konatar, Milena, 2022. "The Impact of Health Capital on Economic Growth in the Balkan Countries," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2022), Hybrid Conference, Opatija, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Opatija, Croatia, 17-18 June 2022, pages 99-107, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    • Handle: RePEc:zbw:entr22:268318
    DOI: 10.54820/entrenova-2022-0010
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    References listed on IDEAS

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    More about this item

    Keywords

    health expenditure; economic growth; Balkan countries; panel ARDL model;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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