New panel results on cointegration of international health expenditure and GDP
This article tests for existence of cointegration between health expenditure and GDP using data from 25 OECD countries for the period 1960-1997. The empirical modelling is based on a heterogeneous bivariate vector error correction panel model that allows for trending data as well as intercepts and trends in the cointegrating relations. Univariate country-by-country and panel unit root tests genera