Panel Data Analysis on the Efficiency of Public Health Insurance Systems-Is Government Intervention Justified in a Market with Asymmetric Information?

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This paper examines whether total health expenditure can be reined in by cutting public health insurance and relying more on market forces. From conducting a panel analysis of OECD data using two data sets : (1) 20-country, 5-year panel data and (2) 14-country, 11-year panel data, we find that (1) total health expenditure (as a percentage of GDP) increases as public healthcare expenditure (as a percentage of total health expenditure) decreases and (2) more than 70 percent of total health expenditure (as a percentage of GDP) can be explained by public health expenditure (as a percentage of total health expenditure) and other 7 factors.