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Table 6 Results of Johansen-Juselius Cointegration Test (Max Test)

From: Does innovation promote economic growth? Evidence from European countries

Countries Cointegration with GDP
PAR PAN RDE RRD HTE STJ
Austria 14.5*/4.55* 15.9/* 7.73* 24.1*/10.2* 13.7/3.35 14.8/0.85 18.3*/5.67*
Belgium 28.8*/1.95 8.97/2.87 9.75/0.81 13.8/1.26 10.2/0.16 14.7*/5.74*
Czech Republic 9.93/0.07 12.3/0.48 14.1/2.52 13.3/0.57 13.9/4.34 10.4/0.67
Denmark 9.43/1.55 36.6*/7.46* 23.9*/3.18 1.9/1.61 20.7*/3.51 16.1*/0.83
Finland 13.5/0.11 17.1*/5.76* 18.4*/4.52* 7.43/0.15 17.*/0.15 38.2*/14.6*
France 18.8*/3.53 22.0*/0.97 12.3/2.74 15.5*/0.20 13.9/1.51 22.2*/7.72*
Germany 16.4*/7.96* 15.4*/0.81 12.2/0.48 11.4/0.78 17.4*/0.37 20.2*/5.09*
Greece 9.43/0.01 10.9/1.17 –/– –/– 3.99/0.01 9.63/2.46
Hungary 11.4/3.60 18.96*/2.89 9.52/0.01 15.0*/0.43 13.7/5.46* 13.7/2.29
Ireland 5.78/0.14 10.2/0.18 12.0/0.31 12.5/0.11 10.2/0.78 7.45/2.56
Italy –/– –/– 13.1/0.19 12.3/0.01 16.2*/0.74 30.9*/8.71*
Netherlands 8.80/3.55 20.5*/5.00* 20.3*/2.88 11.3/0.01 18.4*/5.07* 15.0*/1.07
Norway 14.7*/3.25 13.4/0.04 18.3*/3.96* 20.2*/5.26* 18.5*/3.40 11.7/0.41
Poland 12.2/0.04 8.28/0.58 12.8/0.01 14.2*/0.18 10.2/0.30 13.9/2.54
Portugal 14.8*/0.46 8.83/3.38 13.4/1.78 10.3/0.03 11.5/2.66 17.4*/4.45*
Romania 10.10/4.31 8.50/0.45 24.4*/0.01 39.9*/9.95* 17.2*/4.97* 8.05/0.06
Spain 13.3/1.53 10.05/1.61 17.0*/3.79 20.2*/6.72* 15.0*/4.55* 20.3*/4.82*
Sweden 15.7*/0.44 12.3/0.03 8.61/2.36 10.9/1.19 16.6*/4.56* 21.8*/5.57*
United Kingdom 11.57/0.26 17.6*/3.83 20.5*/4.77* 19.9*/7.82* 14.2*/0.01 20.2*/4.87*
European panel 107.9*/77.8* 104.5*/58.6* 99.56*/79.17* 108.9*/76.37* 128.5*/68.73* 96.1*/64.6*
  1. PAR is number of patents by residents, PAN is number of patents by non-residents, RDE is research and development expenditure, RRD is researchers in research and development activities, HTE is high-technology exports, STJ is scientific and technical journal articles, and GDP is per capita economic growth. We observe statistical significance at 5% level
  2. *Indicates the statistical significance of the cointegrating vector and confines the presence of cointegration between innovation and per capita economic growth