TABLE 7.

ARDL regression with short‐run and long‐run equilibrium relationship

Variables	Model 1 with health expenditure per capita	Model 2 with life Expectancy in years	Model 3 with death rate per 1,000 people
EC (−1)	−0.244	−0.822***	−0.835***
	(0.462)	(0.195)	(0.194)
Long run
LCAP	−0.103	−0.00235	−0.0542
	(0.285)	(0.0716)	(0.0680)
LLAB	−28.26	−8.576*	−10.83**
	(51.90)	(4.314)	(4.179)
LTOT	0.157	0.0247	0.0139
	(0.464)	(0.0337)	(0.0330)
LFDI	−0.0691	−0.0134	−0.00932
	(0.189)	(0.0134)	(0.0130)
LHEA	−0.356
	(0.956)
LLEXP		3.847**
		(1.513)
LDRT			−1.839**
			(0.683)
Short run
D.LCAP	−0.0252	−0.00193	−0.0453
	(0.0685)	(0.0588)	(0.0565)
D.LLAB	−6.888	−7.047*	−9.043**
	(4.369)	(3.845)	(3.998)
D.LTOT	0.0384	0.0203	0.0117
	(0.0542)	(0.0260)	(0.0266)
D.LFDI	−0.0169	−0.0110	−0.00778
	(0.0222)	(0.0101)	(0.0102)
D.LHEA	−0.0867
	(0.0777)
D.LLEXP		3.161**
		(1.476)
D.LDRT			−1.536**
			(0.680)
Constant	0.189	0.178*	0.222**
	(0.119)	(0.101)	(0.103)
Observations	18	28	28
R‐squared	0.474	0.557	0.566

Note: Dependent variable: LRGDP. Standard errors in parentheses.***p < .01, ** p < .05, *p < .1.