Filling a financial gap in SDG3 achievement: Investments vs. budget funds
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DOIhttp://dx.doi.org/10.21511/pmf.12(2).2023.08
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Article InfoVolume 12 2023, Issue #2, pp. 91-103
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This paper delves into the challenge of financing Sustainable Development Goal 3 “Ensure healthy lives and promote well-being for all at all ages” (SDG 3). Despite its ambitious nature, the achievement of this goal has been hindered by a substantial lack of funding. The study aims to investigate potential sources to bridge the investment gap in SDG 3, analyzing data from 28 European countries. This includes factors such as the index and progress in sustainable development, sources of investment resources, and healthcare costs for 2020. Logit and probit regression models are employed for the analysis. The results indicate the absence of a statistically significant relationship between the volume of investments from the state, businesses, and households of countries and their level of SDG 3 achievement. However, an interesting finding emerges regarding healthcare expenditures under state insurance programs among European countries, which show a greater extent of progress in achieving SDGs compared to voluntary insurance programs. The paper emphasizes the importance of a balanced approach that uses multiple funding sources and the need for focused policies and partnerships to mobilize resources to ensure healthy lives and promote well-being for all at all ages.
Acknowledgment
Alex Plastun gratefully acknowledges support from the Ministry of Education and Science of Ukraine (№ 0121U113830).
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JEL Classification (Paper profile tab)Q01, H51, E22
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References44
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Tables8
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Figures4
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- Figure 1. Change in the general SDG index (sdgi) and SDG 3 index (sdg3i) among European countries in 2017 and 2020
- Figure 2. Frequency histograms for share of total investment and by institutional sector
- Figure 3. Scatter plots of investment shares by institutional sector and SDG 3 index
- Figure 4. Scatterplots for health care expenditure indicators by public and voluntary insurance programs and the SDG index
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- Table 1. Binary-numerical scale for SDGs achievement progress
- Table 2. Input data information
- Table 3. Mathematical essence of logit and probit models
- Table 4. Calculations of SDG 3 achievement progress index (sdg3pr)
- Table 5. Correlation matrix between the SDG 3 index and the SDG 3 progress index
- Table 6. Results of logit and probit regressions for determining the amount of accumulation of investment resources to overcome the investment gap in achieving SDG 3
- Table 7. Results of repeated logit and probit regressions for determining the amount of accumulation of financial resources to overcome the investment gap in achieving SDG 3
- Table 8. Results of forecasting the probability of progress in achieving SDG 3 based on mean values
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