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Economic determinants of technological progress in G7 countries: A re-examination

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  • Guloglu, Bulent
  • Tekin, R. Baris
  • Saridogan, Ercan

Abstract

This study examines the relationship between technological change and a series of key macroeconomic variables in G7 countries. Basically, we find that the rate of interest has a negative impact on the pace of innovation, while investments in the R&D sector, high-technology exports, as well as net FDI inflows enhance technological change. The most surprising result of our analysis concerns the openness to trade ratio. Contrary to theoretical expectations and the findings of previous empirical studies, we were unable to find a positive or negative significant relationship between openness to trade and the rate of innovation in this study.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 116 (2012)
Issue (Month): 3 ()
Pages: 604-608

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Handle: RePEc:eee:ecolet:v:116:y:2012:i:3:p:604-608

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Technological change; Openness to trade; Triadic patent counts; Panel Poisson regression;

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References

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  1. Eaton, Jonathan & Kortum, Samuel, 2001. "Technology, trade, and growth: A unified framework," European Economic Review, Elsevier, vol. 45(4-6), pages 742-755, May.
  2. Bulent Guloglu & R. Baris Tekin, 2012. "A Panel Causality Analysis of the Relationship among Research and Development, Innovation, and Economic Growth in High-Income OECD Countries," Eurasian Economic Review, Eurasia Business and Economics Society, vol. 2(1), pages 32-47, Spring.
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  15. Joakim Westerlund, 2008. "Panel cointegration tests of the Fisher effect," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(2), pages 193-233.
  16. Crepon, B. & Duguet, E. & Mairesse, J., 1998. "Research Investment, Innovation and Productivity: An Econometric Analysis at the Firm Level," Papiers d'Economie Mathématique et Applications 98.15, Université Panthéon-Sorbonne (Paris 1).
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Cited by:
  1. Ugur, Mehmet, 2012. "Market Power, Governance and Innovation: OECD Evidence," MPRA Paper 44141, University Library of Munich, Germany.

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