The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 6 Effect of patents on economic growth, advanced economies
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) | 0.034 (0.054) | − 0.065 (0.054) | − 0.023 (0.045) | − 0.040 (0.056) | 0.064 (0.065) | − 0.059 (0.042) | − 0.007 (0.059) | − 0.070 (0.110) |
Log of real GDP per capita (t − 1) | − 0.618** (0.298) | − 2.159** (0.880) | − 1.999*** (0.587) | − 2.855* (1.611) | − 0.857** (0.360) | − 3.376*** (0.996) | − 3.121*** (0.609) | − 4.001 (3.422) |
Log of AI patents per million people | 0.223*** (0.086) | 0.367*** (0.116) | 0.354*** (0.096) | 0.299** (0.121) | – | – | – | – |
Log of total patents per million people | – | – | – | – | 0.250** (0.105) | 0.151 (0.146) | 0.143 (0.149) | 0.010 (0.432) |
Population growth rate | − 0.295** (0.151) | − 0.317 (0.234) | − 0.319*** (0.107) | − 0.025 (0.249) | − 0.212 (0.148) | − 0.347** (0.165) | − 0.358** (0.174) | 0.19 (0.790) |
Gross capital formation growth rate (per capita) | 0.218*** (0.031) | 0.205*** (0.032) | 0.211*** (0.017) | 0.248*** (0.040) | 0.226*** (0.036) | 0.205*** (0.040) | 0.209*** (0.019) | 0.167** (0.079) |
Government expenditure growth rate (per capita) | 0.359*** (0.062) | 0.343*** (0.059) | 0.337*** (0.039) | 0.265** (0.120) | 0.203*** (0.074) | 0.206*** (0.068) | 0.200*** (0.055) | − 0.0391 (0.189) |
Trade openness (5-year average) | 0.004** (0.001) | − 0.002 (0.004) | − 0.002 (0.004) | 0.002 (0.006) | 0.004*** (0.002) | 0.005 (0.005) | 0.005 (0.004) | 0.001 (0.012) |
Human capital index growth rate | 0.091 (0.260) | − 0.073 (0.219) | − 0.071 (0.209) | − 0.547 (0.477) | − 0.002 (0.188) | − 0.029 (0.276) | − 0.039 (0.289) | 1.026 (1.840) |
Inflation (5-year average) | − 0.066*** (0.024) | − 0.063*** (0.023) | − 0.070*** (0.020) | − 0.099 (0.063) | − 0.086** (0.044) | − 0.078* (0.044) | − 0.087*** (0.031) | − 0.009 (0.207) |
Constant | 5.423** | 21.465** | – | 28.858* | 6.829** | 34.180*** | – | 42.350 |
|  | (2.706) | (9.233) | – | (16.954) | (2.799) | (11.080) | – | (34.470) |
Time dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Number of instruments | – | – | – | 42 | – | – | – | 28 |
Sargan-Hansen overidentification test (p-value) | – | – | – | 0.750 | – | – | – | 0.683 |
AR(1) (p-value) | – | – | – | 0.005 | – | – | – | 0.077 |
AR(2) (p-value) | – | – | – | 0.766 | – | – | – | 0.967 |
N | 299 | 299 | 299 | 299 | 352 | 352 | 352 | 352 |
n | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 53 |