Impact of macro-fiscal determinants on health financing: empirical evidence from low-and middle-income countries

Table 1 Dynamic System GMM Regression Model (Full Sample) Dep: ln PHE_it

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHE_it-1	0.650***	0.655***	0.658***	0.630***	0.679***	0.674***
ln PHE_it-1	(0.014)	(0.018)	(0.005)	(0.014)	(0.014)	(0.013)
ln TR_it	0.057***				0.040***
ln TR_it	(0.017)				(0.014)
ln DT_it		0.025***				0.023***
ln DT_it		(0.004)				(0.008)
ln IT_it		−0.037***				−0.061***
ln IT_it		(0.005)				(0.003)
FB_it			−0.002***		−0.002***	− 0.003***
FB_it			(3.66e-05)		(7.26e-05)	(0.0001)
ln DEBT_it				0.0003	0.0002	0.0024
ln DEBT_it				(0.0020)	(0.0021)	(0.002)
ln PCGDP_it	−0.003	0.007*	0.020***	0.012**	0.015*	0.001
ln PCGDP_it	(0.007)	(0.004)	(0.004)	(0.005)	(0.008)	(0.005)
ln AGING_it	0.049***	0.063***	0.104***	0.064***	0.077**	0.065*
ln AGING_it	(0.008)	(0.018)	(0.035)	(0.012)	(0.038)	(0.037)
ln IMR_it	−0.095***	−0.066***	−0.013	−0.034*	− 0.023	− 0.069***
ln IMR_it	(0.020)	(0.017)	(0.019)	(0.017)	(0.027)	(0.020)
Constant	0.458***	0.462***	0.069	0.281***	0.042	0.573***
Constant	(0.123)	(0.099)	(0.154)	(0.106)	(0.203)	(0.156)
AB test AR(2) (p -level)	0.233	0.214	0.541	0.222	0.551	0.609
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Mean VIF	1.69	1.66	1.67	1.76	1.57	1.58
Observations	893	893	893	893	893	893
No. of Country	85	85	85	85	85	85

Note: Sargan Chi-Square test used for over-identified restriction of the instrument in the model, AB test AR (2) to detect autocorrelation in the level series, and mean VIF for multicollinearity. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively. ln = natural logarithm
Source: Author’s estimation

ISSN: 2397-0642