El efecto del gasto público sanitario y educativo en la determinación del bienestar de los países de la OCDE: un modelo con datos de panel

The aim of this paper is to establish the effects that public expenditure on health and education may have on well-being, measured using the Human Development Index (HDI) in high income level countries, with the final objective of assessing the cost in terms of well-being of budget reduction in health and education. The data used were taken from the 34 members of the Organisation for Economic Co-operation and Development (OECD) for the period 1980-2013. For the final estimate of the model only the data from 1980-2011 were used due to lack of data in the last years. The methodology chosen relies on an econometric model of panel data, and the estimators are adapted to the specifics of these models, where the presence of temporary autocorrelation, heteroscedasticity or contemporary correlation between panels is frequently the case. Finally, and for the sake of model robustness, an approach based on using different estimators has been followed.