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Anatomy and Significance of Public Healthcare Expenditure and Economic Growth Nexus in India: Its Implications for Public Health Infrastructure Thereof
Abstract
The objective of this chapter is to take a closer look at the liaison between the two focus variables viz. growth and public healthcare expenditure, and the associated implications for public health infrastructure development. Initially, a theoretical model has been proposed which brings out the link between the focus variables. Panel cointegration and causality are the techniques applied in a Vector Error Correction Mechanism (VECM) set-up using panel data from 1980-2015. Next, a health infrastructure index has been constructed using the Euclidean distance function approach for India for two time points i.e. 2005-06 and 2014-15, to evaluate the interstate performance in public healthcare infrastructure. The findings validate the existence of a cointegrated relationship between health expenditure and economic growth coupled with a bidirectional causality linking the focus variables in this model. It comes to a close by highlighting the policy implications and the future research possibilities in this regard.
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