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Table 7 Results of Johansen-Juselius Cointegration Test (Trace Test)

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

Countries Cointegration with GDP
PAR PAN RDE RRD HTE STJ
Austria 19.6*/4.55* 21.2*/7.30* 13.9*/10.2* 10.3/3.35 13.9/0.90 16.6*/5.66*
Belgium 30.7/1.95 11.8/2.87 8.93/0.82 12.5/1.26 10.0/0.16 8.91/5.74
Czech Republic 9.99/0.07 12.8/0.48 11.6/2.52 12.7/0.57 9.61/4.34 9.75/0.67
Denmark 10.9/1.55 44.1*/7.46* 20.7*/3.18 10.3/1.61 17.1*/3.50 18.2*/0.83
Finland 13.6/0.11 22.9*/5.76* 18.8*/4.52* 7.29/0.15 17.1*/0.15 23.5*/14.6*
France 18.3*/3.43 23.1*/0.97 9.55/2.74 15.3*/0.20 12.4/1.51 13.5*/7.72*
Germany 24.3*/7.96* 16.2*/0.81 11.7/0.48 10.6/0.78 17.0*/0.37 15.1*/5.09*
Greece 9.43/0.01 12.0/1.17 –/– –/– 3.99/0.01 7.17/2.46
Hungary 14.9*/3.60 21.9*/2.89 9.56/0.01 15.0*/0.43 8.24/5.46* 11.4/2.29
Ireland 5.92/0.14 10.4/0.18 11.7/0.31 12.4/0.11 9.39/0.78 4.89/2.56
Italy –/– –/– 12.97/0.16 12.3/0.01 15.5*/0.75 22.2*/8.71*
Netherlands 14.4*/3.55 20.5*/5.00* 17.4*/2.88 11.3/0.01 18.3*/5.07* 14.8*/1.07
Norway 17.9*/3.26 13.45/0.04 14.5*/3.96* 17.9*/5.26* 15.1*/3.40 11.7/0.41
Poland 12.2/0.04 8.28/0.58 12.8/0.01 14.0*/0.18 9.85/0.30 11.3/2.54
Portugal 15.3*/0.46 14.2/3.38 11.6/1.78 10.3/0.03 8.79/2.66 12.97*/4.45*
Romania 14.4/3.31 8.95/0.45 24.4*/0.01 29.9*/9.95* 12.2*/4.97* 4.99/0.06
Spain 14.9*/1.53 11.6/1.61 17.3*/3.79 13.5*/6.72* 20.5*/4.55* 15.2*/4.82*
Sweden 16.2*/0.44 12.4/0.03 6.25/2.37 9.67/1.19 12.0*/4.56* 16.3*/5.57*
United Kingdom 11.8/0.26 21.4*/3.83 15.76/4.77* 22.0*/7.82* 14.6/0.01 15.3*/4.87*
European panel 128.3*/77.83* 112.2*/58.63* 80.21*/79.17* 88.87*/76.37* 112.5*/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