Economic growth and the arts: A macroeconomic study

Figures & data

Figure 1. National Arts Index: 2001–2013.

Table 1. Descriptive statistics of arts index growth and real GDP growth

Descriptive Statistics	Mean	Standard Deviation	Skewness	Kurtosis
Arts Index Growth	0.00%	1.46%	−0.54	3.02
Real GDP Growth	1.73%	1.75%	−1.78	6.75

This table reports mean, standard deviation, skewness and kurtosis of the Arts Index growth rate, and annual real GDP growth rate. The sample data ranges from 2001 to 2013.

Table 2. Correlation analysis

	Arts Lead	Concurrent	GDP Lead
Correlation Estimate	0.37	0.73	0.41
t-statistic	1.18	3.33	1.35

This table reports correlation and its statistical significance between real GDP growth rate and the Arts Index growth rate. Arts Lead correlation is estimated as the correlation between Arts Index growth at time t-1 and the real GDP growth rate at time t and GDP Lead correlation is estimated as the correlation between Arts Index growth at time t and the real GDP growth rate at time t-1. The sample data ranges from 2001 to 2013.

Table 3. Estimated result of Equation (2)

Variable	Coefficient	t-stat	p value
Constant	−8.2433	−3.3091	0.0213
$\mathrm{l}\mathrm{n}\left(y_{t-1}\right)$	−0.000040739	−3.6080	0.0154
$ln\left(n_t+g_t+{\delta }_t\right)$	−32.5752	−3.6002	0.0155
$\mathrm{l}\mathrm{n}\left(s_t\right)$	1.1024	4.1308	0.0091
$\mathrm{l}\mathrm{n}\left(h_t\right)$	−5.6235	−4.5449	0.0061
$ln\left(\frac{a_t}{a_{t-1}}\right)$	0.2308	1.1106	0.3173

This table reports the estimated parameters, ${\gamma }_0$, ${\gamma }_1$, ${\gamma }_2$, ${\gamma }_3$, ${\gamma }_4$, ${\gamma }_5$ of Equation (2)(2) $ln\left(\frac{y_t}{y_{t-1}}\right)={\gamma }_0+{\gamma }_1\mathrm{l}\mathrm{n}\left(y_{t-1}\right)+{\gamma }_{2}ln\left(n_t+g_t+{\delta }_t\right)+{\gamma }_3\mathrm{l}\mathrm{n}\left(s_t\right)+{\gamma }_4\mathrm{l}\mathrm{n}\left(h_t\right)+{\gamma }_{4}ln\left(\frac{a_t}{a_{t-1}}\right)+{\epsilon }_t$(2) . The sample data ranges from 2001 to 2013.

Table 4. Estimated result of Equation (3)

Variable	Coefficient	t-stat	p-value
Constant	−6.6214	−3.0279	0.0292
$\mathrm{l}\mathrm{n}\left(y_{t-1}\right)$	−0.00002891	−3.9847	0.0105
$ln\left(n_t+g_t+{\delta }_t\right)$	−20.9221	−2.0151	0.1000
$\mathrm{l}\mathrm{n}\left(s_t\right)$	0.8264	3.7355	0.0135
$\mathrm{l}\mathrm{n}\left(h_t\right)$	−4.0900	−30337	0.0290
$ln\left(\frac{a_{t-1}}{a_{t-2}}\right)$	−0.0733	−0.5302	0.6187

This table reports the estimated parameters, ${\gamma }_0$, ${\gamma }_1$, ${\gamma }_2$, ${\gamma }_3$, ${\gamma }_4$, ${\gamma }_5$ of Equation (3)(3) $ln\left(\frac{y_t}{y_{t-1}}\right)={\gamma }_0+{\gamma }_1\mathrm{l}\mathrm{n}\left(y_{t-1}\right)+{\gamma }_{2}ln\left(n_t+g_t+{\delta }_t\right)+{\gamma }_3\mathrm{l}\mathrm{n}\left(s_t\right)+{\gamma }_4\mathrm{l}\mathrm{n}\left(h_t\right)+{\gamma }_{4}ln\left(\frac{a_{t-1}}{a_{t-2}}\right)+{\epsilon }_t$(3) . The sample data ranges from 2001 to 2013.