Abstract This paper uses country-level data of European Economic Area countries between 1989 and 2016 to examine the interactions between economic growth, innovation, and financial market activities, with specific reference to the bond and insurance markets. Our intent is to know whether causality runs among these variables both ways, or not at all. Using a vector error correction model, the study finds that financial market activities and economic growth determine innovation activities in these countries. Additionally, the study also finds bidirectional Granger causality between financial market activities and economic growth, as well as between innovation activities and economic growth.

中文翻译：

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欧洲经济区国家金融，增长，创新联系的定量评估：来自多元VECM的证据

摘要本文使用1989年至2016年欧洲经济区国家的国家/地区数据，研究了经济增长，创新和金融市场活动之间的相互作用，并特别参考了债券和保险市场。我们的目的是要知道因果关系是否在两种方式之间都存在，或者根本没有。使用矢量误差校正模型，研究发现，金融市场活动和经济增长决定了这些国家的创新活动。此外，研究还发现金融市场活动与经济增长之间以及创新活动与经济增长之间存在双向格兰杰因果关系。