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Table 5 Estimation of Cointegrating Regression with Life Expectancy as proxy for Health Status Improvement

From: Is health care a necessary or luxury product for Asian countries? An answer using panel approach

Variables

FMOLS

DOLS

Pooled

Weighted

Grouped

Pooled

Weighted

Grouped

Cointegrating Regression

Log of GDP

0.924a

0.841a

0.924a

0.774a

0.917a

0.831a

(0.033)

(0.009)

(0.031)

(0.085)

(0.027)

(0.100)

Log of LE

0.912

1.489a

5.464a

3.906a

1.416b

10.419a

(0.629)

(0.001)

(1.459)

(1.496)

(0.673)

(3.530)

Wald Test, H0: Coefficient of Log of GDP equal to One

t – Stat.

−2.20b

−16.091a

−2.436b

−2.632a

−3.023a

−1.674c

χ 2 Stat.

4.883b

258.944a

5.938b

6.930a

9.140a

2.805c

  1. Note: In DOLS (Pooled) and FMOLS (Pooled) estimation coefficient of covariance was computed using sandwich method and in DOLS (Grouped) estimation individual heteroscedasticity and autocorrelation consistent standard errors and covariances were used. Numbers in the parenthesis indicate standard error. a Indicates 1%, b indicates 5% and c indicates 10% level of significance