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Are innovation and financial development causative factors in economic growth? Evidence from a panel granger causality test

机译:创新和金融发展是否是经济增长的成因?面板格兰杰因果关系检验的证据

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摘要

This article employs panel unit root and panel cointegration tests to determine the interactions between innovation, financial development, and economic growth in 49 European countries between 1961 and 2014. The results suggest a cointegrating relationship between the three series. A vector error-correction model is estimated, showing that financial development and innovation are both causative factors of economic growth in the long run. Thus, a policy focus on financial development and innovation is appropriate as an approach to boost the economic performance of these countries.
机译:本文采用面板单位根和面板协整检验来确定1961年至2014年间49个欧洲国家的创新,金融发展和经济增长之间的相互作用。结果表明这三个系列之间存在协整关系。估计了矢量误差校正模型,表明从长远来看,金融发展和创新都是经济增长的诱因。因此,以金融发展和创新为重点的政策是适合提高这些国家经济绩效的一种方法。

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