标题：The relationship between health shocks, life insurance consumption and economic growth in developed and developing countries using the panel vector Autoregression Model
摘要：Objective: Health shocks increase household health expenditures due to disease and reduce national income due to reduced productivity and labor force size. The main purpose of the present study is to investigate the impact of health shocks on economic growth and life insurance consumption in developed and developing countries between 2000 and 2017. Methodology: In this study, first positive and negative health shocks are extracted using the Mork rule and then the relationship between these shocks with economic growth and life insurance has been studied in the PVAR framework. Findings: The results of Impulse response function indicate that because of lower life expectancy and lower public health levels in developing countries compared to in developed countries, public expenditures have been more effective. Therefore, positive health shocks will have faster economic growth in these countries. Also, the response of life insurance consumption to health shocks varies in two country groups, and each additional health surcharge in richer countries is weaker than poorer ones. The results of variance decomposition in both groups of countries showed that most economic growth fluctuations are explained in the long term by negative health shocks. The results of variance decomposition in life insurance for two groups of countries indicate that most volatility of life insurance consumption is explained by negative health shocks. Granger causality test results show the causality relationship from health shocks to life insurance consumption and economic growth in the studied countries. Conclusion: According to the results of impuls response functions, variance decomposition and Granger causality, the positive effect of increasing government health expenditure on economic growth and life insurance consumption and the negative effect of reducing health expenditure on life insurance consumption in developing countries, shows the important and strategic role of government in health promotion and economic growth.
关键词：Economic Growth;Health Expenditure;Life Insurance;Panel VAR
