Table 10 Pairwise Dumitrescu and Hurlin panel causality test results.
Groups | Null hypothesis | W-bar | Z-bar tilde | P-value | Conclusion |
|---|---|---|---|---|---|
Developed countries | \(\mathrm{ln}\,{\rm{INE}}\,{\boldsymbol{\nRightarrow }}\,\mathrm{ln}\,{\rm{INNO}}\) | 2.0921*** | 3.2873 | 0.0001 | \(\mathrm{ln}\,INE\)⇔\(\mathrm{ln}\,INNO\) |
\(\mathrm{ln}\,{\rm{INNO}}\,{\boldsymbol{\nRightarrow }}\,\mathrm{ln}\,{\rm{INE}}\) | 2.2816*** | 3.9155 | 0.0001 | ||
\(\mathrm{ln}\,{\rm{INE}}\,{\boldsymbol{\nRightarrow }}\,\mathrm{ln}\,{\rm{GDP}}\) | 2.3388*** | 4.1049 | 0.0000 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\,{\boldsymbol{\nRightarrow }}\,\mathrm{ln}\,{\rm{INE}}\) | 2.3634*** | 4.1863 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 1.7259** | 2.0740 | 0.0381 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 2.0485*** | 3.1431 | 0.0017 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 0.9041 | −0.6493 | 0.5162 | None | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 1.5551 | 0.9041 | 0.1316 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 3.1595*** | 6.8243 | 0.0000 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{HC}}\) | |
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 1.7363** | 2.1083 | 0.0350 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 1.7822** | 2.2605 | 0.0238 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 6.2868*** | 17.1868 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 1.9840*** | 2.9293 | 0.0034 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 2.9213*** | 6.0350 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 1.2937 | 0.6418 | 0.5210 | \(\mathrm{ln}\,{\rm{GLO}}\)⇒\(\mathrm{ln}\,{\rm{INNO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 5.6243*** | 14.9918 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 3.2050*** | 6.9751 | 0.0000 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{HC}}\) | |
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 5.1030*** | 13.2642 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 1.2794 | 0.5946 | 0.5521 | \(\mathrm{ln}\,{\rm{GDP}}\)⇒\(\mathrm{ln}\,{\rm{HC}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 5.3004*** | 13.9184 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 2.5406*** | 4.7737 | 0.0000 | \(\mathrm{ln}\,{\rm{HC}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 4.3772*** | 10.8594 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 1.7834** | 2.2646 | 0.0235 | \(\mathrm{ln}\,{\rm{HC}}\)⇔\(\mathrm{ln}\,{\rm{GLO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 3.8552*** | 9.1298 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 2.0028*** | 2.9915 | 0.0028 | \(\mathrm{ln}\,{\rm{GDP}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 1.9517*** | 2.8223 | 0.0048 | ||
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 1.4525 | 1.1679 | 0.2428 | \(\mathrm{ln}\,{\rm{GLO}}\)⇒\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 1.7142** | 2.0353 | 0.0418 | ||
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 2.0818*** | 3.2533 | 0.0011 | \(\mathrm{ln}\,{\rm{GLO}}\)⇒\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 1.1980 | 0.3248 | 0.7453 | ||
Developing countries | \(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 1.692* | 1.8648 | 0.0622 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{INNO}}\) |
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 2.115** | 3.1948 | 0.0014 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 3.9635*** | 8.9208 | 0.0000 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 2.5289*** | 4.4433 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 3.2246*** | 6.6147 | 0.0000 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 4.3029*** | 9.9803 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 2.5886*** | 4.6296 | 0.0000 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{GLO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 3.8201*** | 8.473 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INE}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 1.9085** | 2.5071 | 0.0122 | \(\mathrm{ln}\,{\rm{INE}}\)⇔\(\mathrm{ln}\,{\rm{HC}}\) | |
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INE}}\) | 2.6973*** | 4.9689 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 1.9709*** | 2.6428 | 0.0082 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 2.6321*** | 4.6493 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 1.9963*** | 2.7200 | 0.0065 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 2.2911*** | 3.6145 | 0.0003 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 2.2320*** | 3.4351 | 0.0006 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{GLO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 2.3272*** | 3.7241 | 0.0002 | ||
\(\mathrm{ln}\,{\rm{INNO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 1.8670** | 2.3275 | 0.0199 | \(\mathrm{ln}\,{\rm{INNO}}\)⇔\(\mathrm{ln}\,{\rm{HC}}\) | |
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{INNO}}\) | 3.0800*** | 6.0086 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 3.8164*** | 8.2432 | 0.0000 | \(\mathrm{ln}\,{\rm{HC}}\)⇔\(\mathrm{ln}\,{\rm{GDP}}\) | |
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 2.1790*** | 3.2744 | 0.0011 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 3.8729*** | 8.4148 | 0.0000 | \(\mathrm{ln}\,{\rm{HC}}\)⇒\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 1.3902 | 0.8805 | 0.3786 | ||
\(\mathrm{ln}\,{\rm{HC}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 2.2619*** | 3.5260 | 0.0004 | \(\mathrm{ln}\,{\rm{HC}}\)⇔\(\mathrm{ln}\,{\rm{GLO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{HC}}\) | 3.9196*** | 8.5564 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 3.8391*** | 8.3123 | 0.0000 | \(\mathrm{ln}\,{\rm{GDP}}\)⇔\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 4.1082*** | 9.1289 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{GDP}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 1.8787** | 2.3630 | 0.0181 | \(\mathrm{ln}\,{\rm{GDP}}\)⇔\(\mathrm{ln}\,{\rm{GLO}}\) | |
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GDP}}\) | 3.8171*** | 8.245 | 0.0000 | ||
\(\mathrm{ln}\,{\rm{GLO}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{EGS}}\) | 3.9960*** | 8.7883 | 0.0000 | \(\mathrm{ln}\,{\rm{GLO}}\)⇒\(\mathrm{ln}\,{\rm{EGS}}\) | |
\(\mathrm{ln}\,{\rm{EGS}}\)\({\boldsymbol{\nRightarrow }}\)\(\mathrm{ln}\,{\rm{GLO}}\) | 0.9352 | −0.5000 | 0.6171 |
