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Technological capital and technical progress in the G5 countries

Author

Listed:
  • Patricio Pérez

    (Universidad de Cantabria)

  • Marta Bengoa

    (City College of New York (CUNY), Colin Powell Center for Policy Studies)

  • Adolfo C. Fernández

    (Universidad de Cantabria)

Abstract

We conduct an empirical application based on Coe and Helpman’s (1995) seminal work, in order to measure the elasticity of technical progress with respect to R&D capital for the G5 countries between 1971 and 2003. For this purpose, a series for technological capital is built for the 1990-2003 period, and linked with Coe and Helpman’s series for the 1971-1990 period. The technical progress of leading countries depends critically on the domestic R&D capital stock, in line with Coe and Helpman’s (1995) and Coe, Helpman and Hofmaister’s (2009) work. Nevertheless, there are some important differences. The estimations for the elasticity values appear to be higher and show larger differences between countries than in previous studies. Furthermore, the results give evidence in favour of Schumpeterian models, as TFP growth is positively related to the distance to the technological frontier represented by the US.

Suggested Citation

  • Patricio Pérez & Marta Bengoa & Adolfo C. Fernández, 2011. "Technological capital and technical progress in the G5 countries," Journal of Applied Economics, Universidad del CEMA, vol. 14, pages 343-361, November.
    • Handle: RePEc:cem:jaecon:v:14:y:2011:n:2:p:343-361
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    More about this item

    Keywords

    technology; R&D spillovers; dynamic heterogeneity; catching-up;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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