The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis
Table 6
Panel DOLS and panel FMOLS results for the developed countries.
Country
Panel DOLS estimation
FMOLS estimation
Variable
Country
Variable
Country
Variable
Country
Australia
LCAP
0.296102
5.534409***
LCAP
0.31
7 22***
LED
0.734645
10.483901***
LED
0.63
12.44***
LLIF
0.461898
0.600657
LLIF
1.94
3.46***
Austria
LCAP
0.414813
6.106861***
LCAP
0.42
6.08***
LED
0.567336
9.086922***
LED
0.55
8 75***
LLIF
−0.030922
0.052822
LLIF
0.09
0.13
Belgium
LCAP
0.631432
9.574863***
LCAP
0.64
5 65***
LED
0.222891
4.103349***
LED
0.16
1.58*
LLIF
4.100562
4.117858***
LLIF
4.94
3 09***
Canada
LCAP
0.457853
17.146689***
LCAP
0.42
15.45***
LED
0.332830
14.215979***
LED
0.37
13.80***
LLIF
6.571469
12.7519***
LLIF
6.89
12.68***
Denmark
LCAP
0.150649
1.014066
LCAP
0.21
1.67**
LED
0.779144
7.161627***
LED
0.74
7 53***
LLIF
−0.652479
−0.487875
LLIF
−0.53
−0.35
Finland
LCAP
0.423049
10.468373***
LCAP
0.36
11 77***
LED
0.498242
15.509894***
LED
0.52
16.36***
LLIF
2.806694
5.180295***
LLIF
3.42
6.63***
France
LCAP
0.352652
6.595592***
LCAP
0.36
8.81***
LED
0.575227
14.977043***
LED
0.56
17.09***
LLIF
1.114062
1.825239**
LLIF
1.29
2 45***
Japan
LCAP
0.755467
13.154394***
LCAP
0.63
11.01***
LED
0.129824
2.435392***
LED
0.23
4.01***
LLIF
6.050337
13.242517***
LLIF
6.16
11 78***
Netherlands
LCAP
0.612448
9.977939***
LCAP
0.51
6.60***
LED
0.374696
5.381810***
LED
0.45
5.44***
LLIF
3.783944
3.486952***
LLIF
4.90
3 79***
Norway
LCAP
0.451903
7.206008***
LCAP
0.30
5 11***
LED
0.511715
12.229292***
LED
0.61
11 72***
LLIF
2.311630
1.847358**
LLIF
2.65
1.69**
Spain
LCAP
0.247169
2.842918***
LCAP
0.42
4 37***
LED
0.404191
6.987531***
LED
0.33
4.18***
LLIF
6.585542
−0.760928
LLIF
4.63
2.82***
United Kingdom
LCAP
0.635106
6.874095***
LCAP
0.39
3 79***
LED
0.448749
5.028614***
LED
0.59
5 01***
LLIF
−1.144236
−0.760928
LLIF
1.15
0.70
United States
LCAP
0.748623
5.240288***
LCAP
0.52
3 74***
LED
0.269667
1.316384*
LED
0.32
1.51*
LLIF
0.982308
0.188860
LLIF
6.60
1.34*
Panel group DOLS results
Panel group FMOLS results
LCAP
0.475174
28.216627***
LCAP
0.42
25.28***
LED
0.449935
30.208345***
LED
0.47
30.34***
LLIF
2.533908
13.013286***
LLIF
3.40
13 92***
The null hypotheses of all unit root tests state that the series include unit root while the alternative hypotheses state the absence of unit root. , and indicate stationarity at 1%, 5%, and 10% significance levels, respectively.
