The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
From: Implications of AI innovation on economic growth: a panel data study
Dependent Variable: Real GDP growth rate per capita (5-year average) | (1) OLS | (2) FE | (3) AH | (4) GMM | (5) OLS | (6) FE | (7) AH | (8) GMM |
---|---|---|---|---|---|---|---|---|
Real GDP growth rate per capita (t-1) | − 0.015 (0.070) | − 0.004 (0.040) | 0.062 (0.039) | 0.002 (0.109) | 0.029 (0.088) | − 0.187** (0.074) | − 0.106*** (0.036) | − 0.182** (0.092) |
Log of real GDP per capita (t-1) | − 0.377 (0.264) | − 1.790*** (0.660) | − 2.004*** (0.545) | − 3.048** (1.512) | − 0.491*** (0.173) | − 3.412*** (0.934) | − 3.230*** (0.615) | − 1.489 (1.794) |
Log of AI patents per million people | 0.124 (0.085) | 0.207** (0.098) | 0.256** (0.104) | 0.741** (0.371) | – | – | – | – |
Log of total patents per million people | – | – | – | – | 0.219*** (0.077) | − 0.102 (0.157) | − 0.109 (0.150) | − 0.352 (0.496) |
Population growth rate | − 0.512*** (0.157) | − 0.436** (0.197) | − 0.451*** (0.112) | − 0.450 (0.298) | − 0.239 (0.151) | 0.055 (0.296) | 0.071 (0.133) | − 0.613 (0.519) |
Gross capital formation growth rate (per capita) | 0.201*** (0.029) | 0.206*** (0.028) | 0.215*** (0.014) | 0.232*** (0.067) | 0.165*** (0.033) | 0.114*** (0.035) | 0.118*** (0.013) | 0.154 (0.101) |
Government expenditure growth rate (per capita) | 0.245*** (0.046) | 0.227*** (0.046) | 0.223*** (0.043) | 0.291 (0.192) | 0.224*** (0.045) | 0.177*** (0.049) | 0.176*** (0.021) | 0.180* (0.108) |
Trade openness (5-year average) | 0.004* (0.002) | 0.004 (0.005) | 0.004 (0.005) | 0.018* (0.010) | 0.004*** (0.001) | 0.017* (0.009) | 0.015*** (0.005) | 0.001 (0.017) |
Human capital index growth rate | − 0.193 (0.179) | − 0.076 (0.144) | − 0.064 | 0.375 (0.718) | − 0.106 (0.217) | − 0.028 (0.264) | − 0.027 (0.244) | 0.115 (0.810) |
(0.150) | ||||||||
Inflation (5-year average) | 0.009 (0.024) | 0.005 (0.027) | − 0.001 (0.022) | − 0.103* (0.057) | 0.027 (0.025) | 0.046* (0.027) | 0.038 (0.026) | 0.140 (0.120) |
Advanced economy (dummy) | − 1.147** (0.556) | − 1.226 (0.889) | – | 2.417 (1.745) | − 0.041 (0.970) | 1.463 (2.570) | 1.196 (2.465) | 12.930 (10.580) |
Advanced x Log of AI patents per million people | 0.183 (0.120) | 0.305 (0.218) | 0.082 (0.087) | − 0.749 (0.494) | – | – | – | – |
Advanced x Log of total patents per million people | – | – | – | – | − 0.057 (0.099) | − 0.187 (0.310) | − 0.152 (0.284) | − 1.504 (1.254) |
Constant | 3.919* (2.003) | 16.246*** (5.887) | – | 25.426** (12.761) | 3.940*** (1.198) | 29.990*** (8.082) | – | 17.880 (15.970) |
Time dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Number of instruments | – | – | – | 33 | – | – | – | 33 |
Sargan-Hansen overidentification test (p-value) | – | – | – | 0.407 | – | – | – | 0.110 |
AR(1) (p-value) | – | – | – | 0.005 | – | – | – | 0.004 |
AR(2) (p-value) | – | – | – | 0.210 | – | – | – | 0.415 |
N | 388 | 388 | 388 | 388 | 570 | 570 | 570 | 570 |
n | 120 | 120 | 120 | 120 | 144 | 144 | 144 | 144 |