The Relationship between R&D Expenditures and Economic Growth for Some Developed and Developing Countries: A Panel Data Analysis

Year 2017, Volume: 25 Issue: 31, 149 - 166, 31.01.2017

Yağmur Sağlam Hüseyin Avni Egeli , Pınar Egeli

https://doi.org/10.17233/sosyoekonomi.288873

Cited By: 8

Abstract

The main purpose of this paper is to investigate the relationship between research and development (R&D) expenditures and economic growth, based on 26 some developed and developing countries (Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Hungary, Latvia, Netherland, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden, United Kingdom, Iceland, Norway). For this purpose, we used endogenous growth model of Romer (1990), which claims that technological change is the major source of productivity growth in the long run. Inthiscontext, usingannualdatawhich has taken from Eurostat; an empirical model has beendeveloped in the scope of the dynamic panel data analysis forth-period 1996- 2014. The model includes real gross domestic product per capita (GDPRC) and gross domestic expenditures on R&D as an indicator of technological change (innovation). At the empirical part, firstly heterogeneity of the variables were investigate during the Delta test (Pesaran ve Yamagata, 2008), and then the existence of dependency between cross-sectional units that make series were examined by the CADF and Hadri-Kurozumi tests. After proving cointegration between series with Westurlund ECM test; Dumitrescu-Hurlin (2012) and Emirmahmutoğlu-Köse (2011) panel causality tests were applied. According to the empirical results, in the long term there is one way causal relationship from R&D expenditures to economic growth for some selected developed and developing countries.

Keywords

Research and Development, Economic Growth, Panel Causality Analysis

Gelişmiş ve Gelişmekte Olan Ülkelerde Ar&Ge Harcamaları ve Ekonomik Büyüme Arasındaki İlişki: Panel Veri Analizi

Abstract

Çalışmanın amacı ekonomik büyüme ve Ar-Ge harcamaları arasındaki nedensellik ilişkisini 26 farklı gelişmiş ve gelişmekte olan ülke için analiz etmektir. Bu çerçevede Romer’in (1990), teknolojide meydana gelen değişmelerin uzun dönemde ekonomik büyümenin verimliliğini artırdığını ifade eden içsel büyüme modelinden yola çıkılmıştır. 1996-2014 dönemi Eurostat’dan elde edilen yıllık veriler ile dinamik panel veri analizi bağlamında incelenmiştir. Modelde kullanılan değişkenler; kişi başına düşen reel GSYİH (GDPRC) ve teknolojik değişimi temsilen Ar-Ge harcamalarının GSYİH’dan aldığı pay şeklinde ifade edilmektedir. Ampirik kısımda ilk olarak Pesaran ve Yamagata (2008) tarafından geliştirilen Delta testi ile heterojenliğe bakılmış ve değişkenler için yatay kesit bağımlılığı incelenmiştir. Heterojenlik ve yatay kesit bağımlılığını dikkate alan CADF ile HadriKurozumi birim kök testleri uygulanmıştır. Değişkenler arasındaki eş-bütünleşik ilişkinin varlığı Westerlund Hata Düzeltme Mekanizması (ECM) testi ile bulunduktan sonra Dumetriscu-Hurlin (2012) ile Emirmahmutoğlu-Köse (2011) panel nedensellik testleri yapılmıştır. Elde edilen bulgular uzun dönemde Ar&Ge harcamalarından ekonomik büyümeye doğru tek yönlü bir nedensellik ilişkisini ifade etmektedir

Keywords

Araştırma-Geliştirme, Ekonomik Büyüme, Panel Nedensellik Analizi

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