Table 2.

Factors determining health expenditures in OECD countries

Variables	Fixed-effects		Random-effects
	Coef.	Std.err	Coef.	Std.err
Log of real GDP/capita	***0.900	0.067	***1.016	0.057
Log of elderly ratio	**0.167	0.068	***0.237	0.062
Log of calories consumption	***0.800	0.154	***0.820	0.151
Log of unemployment rate	***0.092	0.013	***0.100	0.012
Log of public share of total health expenditure	***0.339	0.049	***0.308	0.048
Trend line	***0.042	0.002	***0.039	0.002
Constant	***-11.215	1.520	***-12.549	1.433
	Unit root test	Auto- correlation test	Cross-sectional independent	Hausman test
Test statistics	254.6	65.5	23.2	151.1
p-value	0.00	0.00	0.00	0.00

Note: Significant levels are ***=1%, **=5% and *=10%