Time series approach to examine the impact of economic uncertainty, economic growth and financial development on human health

Abstract

The present study aims to examine the impact of economic growth, economic uncertainty, health expenditure, environmental policy and life expectancy on human health in China through the application of simultaneous quantile regression analysis. The results of the study suggest that economic growth, environmental policy and life expectancy are found to have a positive and statistically significant impact on human health while economic uncertainty, health expenditure negatively impact human health in China. During periods of economic uncertainty, individuals tend to prioritise attending to immediate needs, potentially leading to a decrease in social cooperation and negative impacts on both physical and financial well‐being. The enhancement of financial development has the potential to stimulate investments in private sector health infrastructure, whilst policymakers can play a crucial role in augmenting public sector expenditure. In order to promote the improvement of human health and well‐being both domestically in China and internationally, it is imperative for authorities to give precedence to the implementation of sustainable environmental practises and allocate resources towards the development of healthcare infrastructure. These efforts should align with the objectives outlined in the Sustainable Development Goals (SDGs), with special emphasis on SDG 13, which pertains to climate action, and SDG 3, which focuses on good health and well‐being. The results of this study provide empirical evidence that lends support to the implementation of policies that aim to achieve a harmonious equilibrium between economic, environmental and health considerations, thereby fostering sustainable development and promoting equitable health outcomes.