Volltext: Very small countries: economic success against all odds

The picture that emerges from the regressions, where data for nearly all countries in the world are used, is confirmed by the evidence arising from Table 4.10. There is not a single VSC in our selection that exhibits higher total health expenditure in % of GDP than 8.0. Even 8.0 (Mona - co) is a rather moderate figure in comparison to other highly developed OECD member countries (e.g., Austria: 9.0, Belgium: 8.0, Denmark: 8.0, Finland: 7.6, France: 9.8, Germany: 10.5, Sweden: 9.2 or U.S.A.: 13.7). As expected, the Pearson correlation coefficient between the per- formance rank and health expenditure in % of GDP for the selected VSC is negative (–0.44) but on the edge of being significant on the 5% level. Total health expenditure is on average 6.3% of GDP with a relati- vely small standard deviation (1.07), suggesting that the level of expen- diture of VSC on health is quite uniform across countries. Data in Table 4.10 also confirm the regression results with regard to the proportion of public health expenditure to total health expenditure. With the exception of Antigua and Barbuda, the Bahamas, Belize, Brunei, Grenada, Malta and St. Kitts and Nevis, no VSC listed here has 115 
Organizational choice: theoretical expectations versus reality Table 4.11: OLS regressions for health expenditure and size Dependent variableConstantLogpopLogperAdj. R2Number of capgdpobservations total expenditure on 7.091**–0.235–0.006189 health in % of GDP(6.613)(–1.416) 0.419–0.0641.691**0.274186 (0.267)(-0.387)(7.742) public health expenditure 111.115**–7.830**–0.125189 in % of total health (12.029)(–5.561) expenditure68.528**–6.304**9.854**0.188186 (5.431)(-4.275)(4.719) public health expenditure17.502**–1.010–0.010182 in % of total public (4.325)(-–1.736) expenditure10.863*–0.9161.840**0.047179 (2.081)(–1.432)(2.558) Sources: WHO (2000), Baratta (1999) **significant at 1% level; * significant at 5% level; t statistics based on White heteroscedasticity-consis - tent standard errors in parentheses.


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