Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries
Objective: To analyze economic feasibility for investing in nursing care. Method: The number of practicing nurses’ density per 1000 population as a proxy for nursing staff and Gross Domestic Product (GDP) per capita (current US$) were collected in 35 member countries of Organization for Economic Co-...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Elsevier
2020-01-01
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| Series: | International Journal of Nursing Sciences |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2352013218306793 |
| _version_ | 1811285286902038528 |
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| author | Arshia Amiri Tytti Solankallio-Vahteri |
| author_facet | Arshia Amiri Tytti Solankallio-Vahteri |
| author_sort | Arshia Amiri |
| collection | DOAJ |
| description | Objective: To analyze economic feasibility for investing in nursing care. Method: The number of practicing nurses’ density per 1000 population as a proxy for nursing staff and Gross Domestic Product (GDP) per capita (current US$) were collected in 35 member countries of Organization for Economic Co-operation and Development (OECD) over 2000–2016 period. The statistical technique of panel data analysis including unit root test, cointegration analysis, Granger causality test, dynamic long-run model analysis and error correction model were applied to measure economic impact of nursing-related services. Results: There was a committed bilateral relationship between nurse-staffing level and GDP with long-run magnitudes of 1.39 and 0.41 for GDP-lead-nurse and nurse-lead-GDP directions in OECD countries, respectively. Moreover, the highest long-run magnitudes of the effect nursing staff has on increasing GDP per capita were calculated in Finland (2.07), Sweden (1.92), Estonia (1.68), Poland (1.52), Czech Republic (1.48), Norway (1.47) and Canada (1.24). Conclusion: Our findings verify that although the dependency of nursing characteristics to GDP per capita is higher than the reliance of GDP to number of nurses’ density per 1000 population, investing in nursing care is economically feasible in OECD countries i.e. nursing is not only a financial burden (or cost) on health care systems, but also an economic stimulus in OECD countries. Hence, we alert governments and policy makers about the risk of underestimating the economic impacts of nurses on economic systems of OECD countries. Keywords: Gross Domestic Product, Economic growth, Nursing economics, Nursing services, Nursing staff, Organization for Economic Co-operation and Development, Panel data analysis |
| first_indexed | 2024-04-13T02:42:50Z |
| format | Article |
| id | doaj.art-1c7c76428ef24db3b619da824524dc08 |
| institution | Directory Open Access Journal |
| issn | 2352-0132 |
| language | English |
| last_indexed | 2024-04-13T02:42:50Z |
| publishDate | 2020-01-01 |
| publisher | Elsevier |
| record_format | Article |
| series | International Journal of Nursing Sciences |
| spelling | doaj.art-1c7c76428ef24db3b619da824524dc082022-12-22T03:06:09ZengElsevierInternational Journal of Nursing Sciences2352-01322020-01-01711320Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countriesArshia Amiri0Tytti Solankallio-Vahteri1Corresponding author. JAMK University of Applied Sciences, School of Health and Social Studies, Piippukatu 2, FI-40100, Jyväskylä, Finland.; JAMK University of Applied Sciences, Jyväskylä, FinlandJAMK University of Applied Sciences, Jyväskylä, FinlandObjective: To analyze economic feasibility for investing in nursing care. Method: The number of practicing nurses’ density per 1000 population as a proxy for nursing staff and Gross Domestic Product (GDP) per capita (current US$) were collected in 35 member countries of Organization for Economic Co-operation and Development (OECD) over 2000–2016 period. The statistical technique of panel data analysis including unit root test, cointegration analysis, Granger causality test, dynamic long-run model analysis and error correction model were applied to measure economic impact of nursing-related services. Results: There was a committed bilateral relationship between nurse-staffing level and GDP with long-run magnitudes of 1.39 and 0.41 for GDP-lead-nurse and nurse-lead-GDP directions in OECD countries, respectively. Moreover, the highest long-run magnitudes of the effect nursing staff has on increasing GDP per capita were calculated in Finland (2.07), Sweden (1.92), Estonia (1.68), Poland (1.52), Czech Republic (1.48), Norway (1.47) and Canada (1.24). Conclusion: Our findings verify that although the dependency of nursing characteristics to GDP per capita is higher than the reliance of GDP to number of nurses’ density per 1000 population, investing in nursing care is economically feasible in OECD countries i.e. nursing is not only a financial burden (or cost) on health care systems, but also an economic stimulus in OECD countries. Hence, we alert governments and policy makers about the risk of underestimating the economic impacts of nurses on economic systems of OECD countries. Keywords: Gross Domestic Product, Economic growth, Nursing economics, Nursing services, Nursing staff, Organization for Economic Co-operation and Development, Panel data analysishttp://www.sciencedirect.com/science/article/pii/S2352013218306793 |
| spellingShingle | Arshia Amiri Tytti Solankallio-Vahteri Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries International Journal of Nursing Sciences |
| title | Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries |
| title_full | Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries |
| title_fullStr | Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries |
| title_full_unstemmed | Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries |
| title_short | Analyzing economic feasibility for investing in nursing care: Evidence from panel data analysis in 35 OECD countries |
| title_sort | analyzing economic feasibility for investing in nursing care evidence from panel data analysis in 35 oecd countries |
| url | http://www.sciencedirect.com/science/article/pii/S2352013218306793 |
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