Public and Private Health Expenditure and their Impacts on the Long-Term Economic Growth of Selected Countries: Bayesian Model Averaging Approach

Identifying the factors that contribute to sustained economic growth of countries is the main concerns of economic researchers. The present paper employs a Bayesian econometrics approach based on Bayesian Model Averaging (BMA) method to investigate the effect of public and private health expenditure on economic growth in developing economies. The empirical findings show that public health expenditure positively and private health expenditure negatively affect on the long-term economic growth of developing countries. Also، hospital beds do have a positive important role in explaining long-term economic growth.