Ⅰ. Introduction 1
Ⅱ. Literature Review on National Medical Expenditure 7
Ⅲ. Data and Research Method 17
1. Data 19
2. Empirical Models 20
3. Estimation Methods 23
Ⅳ. Results 25
1. Descriptive Analysis 27
2. Estimating National Medical Expenditure 30
Ⅴ. Conclusion 51
References 55

This study analyzes the performances of the healthcare systems of 34 OECD member states from 1980 to 2017. It involved a panel analysis of these systems’ performances with respect to national medical expenditures as well as the results of one- and two-way fixed and random effects analyses of given variable. The tentative conclusion that may be reached on the basis of this study’s findings can be summarized as follows. Korea’s national medical expenditure per capita was USD 2,897 as of 2017. The OECD-wide average national medical expenditure per capita, however, ranged from USD 1,379 to USD 2,768, as estimated using the best-fitting models. Insofar as we assume that, the lower the medical cost, the better the performance of a given healthcare system, we may conclude that the Korean system fares relatively poorly in comparison to other OECD member states in this regard at least.