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The Impact Of R&D On The Singapore Economy: An Empirical Evaluation

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Author Info
YUEN PING HO () (NUS Entrepreneurship Centre, National University of Singapore, Level 5, 21 Heng Mui Keng Terrace, Singapore 119613, Singapore)
POH KAM WONG () (NUS Entrepreneurship Centre, National University of Singapore, Level 5, 21 Heng Mui Keng Terrace, Singapore 119613, Singapore)
MUN HENG TOH () (NUS Business School, National University of Singapore, Business Link, Singapore 117591, Singapore)

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Abstract

This paper provides empirical estimates for the impact of R&D on economic growth in Singapore. The Cobb–Douglas based analysis found that R&D investment had a significant impact on total factor productivity performance in the last 20 years and established a long-term equilibrium relationship between R&D investments and TFP. However, compared to OECD countries, the impact of R&D on growth in Singapore is not as strong. To catch up with the developed nations in terms of R&D productivity not only requires increasing R&D intensity in Singapore but also more efficient exploitation of domestic R&D activity.

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Publisher Info
Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal The Singapore Economic Review.

Volume (Year): 54 (2009)
Issue (Month): 01 ()
Pages: 1-20
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Handle: RePEc:wsi:serxxx:v:54:y:2009:i:01:p:1-20

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Related research
Keywords: Economic growth; R&D expenditure; Total factor productivity;

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References listed on IDEAS
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  2. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August. [Downloadable!] (restricted)
  3. Zvi Griliches, 1992. "The Search for R&D Spillovers," NBER Working Papers 3768, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Madden, Gary G & Savage, Scott J & Bloxham, Paul, 2001. "Asian and OECD international R&D spillovers," MPRA Paper 11155, University Library of Munich, Germany. [Downloadable!]
  5. Pierre A. Mohnen & M. Ishaq Nadiri & Ingmar R. Prucha, 1984. "R&D, Production Structure, and Productivity Growth in the U.S., Japaneseand German Manufacturing Sectors," NBER Working Papers 1264, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Verspagen, Bart, 1992. "Endogenous innovation in neoclassical growth models: A survey," Journal of Macroeconomics, Elsevier, vol. 14(4), pages 631-662. [Downloadable!] (restricted)
  7. Madden, Gary & Savage, Scott J & Bloxham, Paul, 2001. "Asian and OECD International R&D Spillovers," Applied Economics Letters, Taylor and Francis Journals, vol. 8(7), pages 431-35, July. [Downloadable!] (restricted)
  8. Makki, Shiva S. & Thraen, Cameron S. & Tweeten, Luther G., 1999. "Returns to American Agricultural Research: Results from a Cointegration Model," Journal of Policy Modeling, Elsevier, vol. 21(2), pages 185-211, March. [Downloadable!] (restricted)
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  11. Frank R. Lichtenberg, 1993. "R&D Investment and International Productivity Differences," NBER Working Papers 4161, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Coe, David T & Helpman, Elhanan & Hoffmaister, Alexander W, 1997. "North-South R&D Spillovers," Economic Journal, Royal Economic Society, vol. 107(440), pages 134-49, January. [Downloadable!] (restricted)
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  13. Davis, Jeff, 1981. "A Comparison Of Procedures For Estimating Returns To Research Using Production Functions," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 25(01), April. [Downloadable!]
  14. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  15. Fagerberg, Jan, 1994. "Technology and International Differences in Growth Rates," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1147-75, September. [Downloadable!] (restricted)
  16. Nadiri, M.I., 1993. "Innovations and Technological Spillovers," Working Papers 93-31, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  17. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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