Revisiting the determinants of life expectancy in Asia-exploring the role of institutional quality, financial development, and environmental degradation

This study revisited the socioeconomic factors determining life expectancy by specifically focusing on the role of institutional quality, financial development, and environmental degradation proxied by carbon emissions and ecological footprint for selected Asian countries, namely Bangladesh, Bhutan, India, Nepal, Pakistan, and Sri Lanka, from 2002 to 2020. We employed CIPS (cross-sectional Im, Pesaran, and Shin) unit root tests, CS-ARDL (cross-sectional augmented distributed lag (CS-ARDL), FMOLS (fully modified ordinary least squares), and DOLS (dynamic ordinary least squares) for the empirical examination of the data. The long-run estimates exhibit that institutional quality, financial development, and health expenditure variables contribute to longer life expectancy, while carbon emissions, ecological footprint, birth rate, mortality rate, and population growth reduce life expectancy in the selected Asian countries. Based on these findings, we propose that financial sector strengthening, increase in healthcare budget allocation, the adoption of clean and green technology and stringent environmental pollution regulatory policies are vital for improving life expectancy and overall human well-being and achieving the ultimate goals of sustainable development.

Automated summary

This study revisited the socioeconomic factors determining life expectancy by analyzing the role of institutional quality, financial development, and environmental degradation in selected Asian countries. The findings show that institutional quality, financial development, and health expenditure contribute to longer life expectancy, while carbon emissions, ecological footprint, birth rate, mortality rate, and population growth reduce life expectancy. The study suggests that strengthening the financial sector, increasing healthcare budget allocation, adopting clean and green technology, and implementing strict environmental pollution regulations are crucial for improving life expectancy and achieving sustainable development.