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Table 5 Motorways

From: Estimating the contribution of infrastructure to national productivity in Europe

 

Main

Human capital

Tax

Trade

Investment

0.3179

0.4000

0.3442

0.2383

Population growth

−1.5365

0.2732

−2.2123

−0.7293

Human capital

-

0.2784

-

-

Trend

0.0268

0.0199

0.0257

0.0197

AT

0.1022 (23)

1.1235 ++ (17)

0.1230 (23)

0.3309 ++ (23)

BE (Under-investing)

1.7039*** ++ (16)

1.7725*** +++ (16)

1.4843*** +++ (16)

0.9934*** +++ (16)

BG

0.4821** (17)

0.4588* ++ (12)

0.4803** (17)

0.5260** (17)

CH

−0.0501 +++ (24)

−0.0454 (16)

−0.0934** +++ (22)

−0.0455 +++ (24)

CY (Under-investing)

0.2331*** +++ (17)

0.1675*** +++ (13)

0.1588*** + (17)

0.1943*** +++ (17)

CZ

−0.1631 ++ (18)

−0.0684 ++ (13)

0.2138 ++ (16)

−0.1636 ++ (18)

DE

0.2269 ++ (21)

0.0839 + (20)

−0.4857 (21)

0.1879 +++ (21)

DK (Possibly under-investing)

0.3339*** (34)

0.3682*** +++ (17)

0.3977** (14)

0.2815*** ++ (34)

EE

0.0293 ++ (19)

0.1039 + (14)

−0.0824 (17)

−0.0154 ++ (19)

EL

-

-

-

-

ES

0.0813*** (32)

0.4340** (20)

0.8150** (17)

0.0257* +++ (32)

FI

−0.0902* (37)

0.4692 ++ (17)

−0.1010 (36)

−0.3092*** (37)

FR (Under-investing)

0.4195*** ++ (20)

0.4196*** ++ (19)

0.3342*** +++ (20)

0.1622** (20)

HU

−0.1845** (15)

−0.1728 (13)

−0.1529 (15)

−0.2009** (15)

IE

−0.4413*** (15)

−0.1998 +++ (15)

−0.2787*** +++ (15)

−0.1227 (15)

IT (Under-investing)

2.1896*** +++ (21)

1.9721*** +++ (19)

2.1933*** +++ (21)

1.5180*** ++ (21)

LT

−0.0920 (17)

0.1139 +++ (14)

−0.1220 ++ (17)

−0.0910 (17)

LU

−0.2165 (15)

−0.1421 (15)

−0.6055*** (15)

−0.0979 + (15)

LV

-

-

-

-

MT

-

-

-

-

NL

−0.1691 (35)

−0.0791 ++ (14)

−0.0259 (15)

0.0894 +++ (35)

NO (Over-investing)

−0.1641*** ++ (42)

−0.0948 (16)

−0.1246* ++ (17)

−0.1596*** +++ (42)

PL

0.0382 + (17)

0.0233 + (15)

0.0283 +++ (17)

0.0461* (17)

PT

0.0576 +++ (17)

0.0659 ++ (17)

0.0337 + (17)

0.0468 ++ (17)

RO

0.1545** (16)

0.0964* (15)

0.0871 (16)

0.1593* (16)

SE

0.0583 ++ (40)

0.0186 (15)

−0.2783 (17)

0.0575 ++ (40)

SI

0.0081 + (22)

−0.2068* + (16)

−0.1706 ++ (20)

−0.0239 ++ (22)

SK

−0.1688 +++ (20)

0.2350 +++ (14)

−0.1612 ++ (19)

−0.1597 +++ (20)

UK

0.0794 ++ (37)

−1.1118 ++ (20)

−0.1116 + (22)

0.1367** ++ (37)

Error-correction term

−0.5672

−0.9821

−0.9200

−0.6773

Adjusted R2 (long-run)

0.975

0.967

0.977

0.983

Adjusted R2 (short-run)

0.623

0.695

0.709

0.756

F-statistic (long-run)

620.6

234.8

406.4

814.5

F-statistic (short-run)

10.3

12.1

14.0

19.8

  1. For country-specific coefficients:
  2. Number of observations in the long-run equation given in brackets
  3. ***, ** and * indicate significance at the 1 %, 5 % and 10 % levels, respectively
  4. +++, ++ and + indicate equations where the null hypothesis of a unit root in the long-run residuals is rejected at the 1 %, 5 % and 10 % levels, respectively (i.e., a test for cointegration)