THE NONLINEAR EFFECTS OF HIGH TECHNOLOGY EXPORTS, R&D AND PATENTS ON ECONOMIC GROWTH: A PANEL THRESHOLD APPROACH TO 35 OECD COUNTRIES
Küçük Resim Yok
Tarih
2022
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Inst Economic Forecasting
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
The paper aims at the investigation of the economic growth and R&D thresholds in addition to the evaluation of nonlinear effects of R&D, patents and high technology product exports on economic growth. Within this respective, a panel consisting of 35 OECD member and other countries is analysed with dynamic panel threshold regressions and bootstrap threshold testing methodologies for the 1992-2016 period. The results reveal significant threshold effects of the economic growth rates closely followed by the threshold effects dominated by the share of R&D in the GDP. The empirical findings have significant contributions: i. the impacts of high technology exports are asymmetric and regime-dependent, in addition, positive in both regimes, ii. R&D expenditures have positive effects not only in the high R&D/GDP but also in relatively low R&D/GDP and growth regimes, iii. the R&D in GDP threshold parameter is estimated as close to 0.7% and is compared to the literature. The overall findings coincide with the endogenous growth literature, but with an interesting distinction regarding the positive impacts even at low R&D regimes. The policy suggestions favor the encouragement of R&D and its positive effects on economic growth even for countries that cannot achieve a theoretical 3% R&D in GDP threshold.
Açıklama
Anahtar Kelimeler
innovation, high technology exports, economic growth in open economies, threshold models
Kaynak
Romanian Journal Of Economic Forecasting
WoS Q Değeri
Q4
Scopus Q Değeri
Q3
Cilt
25
Sayı
1
