The Effect of the Economic Collapse in Iceland on the Probability of Cardiovascular Events

39 Pages Posted: 3 Dec 2018 Last revised: 18 Feb 2021

See all articles by Kristín Birgisdóttir

Kristín Birgisdóttir

University of Iceland

Arna Hauksdóttir

University of Iceland

Christopher J. Ruhm

University of Virginia - Frank Batten School of Leadership and Public Policy; National Bureau of Economic Research (NBER); IZA Institute of Labor Economics

Unnur Anna Valdimarsdóttir

University of Iceland

Tinna Laufey Ásgeirsdóttir

University of Iceland

Date Written: November 2018

Abstract

We explore whether the 2008 economic collapse in Iceland and subsequent economic crisis affected the probability of ischemic heart disease (IHD) events, independent of regular cyclical effects attributed to typical economic conditions. We estimate linear probability models using administrative data on IHD events, earnings and balance-sheet status, as well as unemployment for all Icelanders aged 16 and older in 2000-2014.We find that the sharp change in economic conditions in 2008 had a positive long-term effect on the probability of cardiovascular events in both males and females. In absolute terms these effects were small but often statistically significant and contrast with the finding that general business-cycle fluctuations operated in the opposite direction. Several potential mediators were correlated with the probability of IHD events, but their inclusion had little effect on the estimated economic crisis coefficients. A statistically significant business-cycle effect is found for both genders indicating. Thus the general business cycle and the economic collapse in 2008 and subsequent crisis can be thought of as separate phenomena with differing effects on IHD. This research contributes to the literature by exploiting a unique circumstance affecting a whole population to explore its effects on individuals, using exceptional register data.

Suggested Citation

Birgisdóttir, Kristín and Hauksdóttir, Arna and Ruhm, Christopher J. and Valdimarsdóttir, Unnur Anna and Asgeirsdottir, Tinna Laufey, The Effect of the Economic Collapse in Iceland on the Probability of Cardiovascular Events (November 2018). NBER Working Paper No. w25301, Available at SSRN: https://ssrn.com/abstract=3294868

Kristín Birgisdóttir (Contact Author)

University of Iceland

Iceland

Arna Hauksdóttir

University of Iceland

Iceland

Christopher J. Ruhm

University of Virginia - Frank Batten School of Leadership and Public Policy ( email )

235 McCormick Rd.
P.O. Box 400893
Charlottesville, VA 22904-4893
United States
434-924-7581 (Phone)

HOME PAGE: http://batten.virginia.edu/cruhm.html

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

IZA Institute of Labor Economics ( email )

P.O. Box 7240
Bonn, D-53072
Germany

Unnur Anna Valdimarsdóttir

University of Iceland

Iceland

Tinna Laufey Asgeirsdottir

University of Iceland ( email )

Iceland
(354)8650821 (Phone)

HOME PAGE: http://www.asgeirsdottir.com

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