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Income Convergence and R&D Intensity in OECD Manufacturing Industries: A Panel Study

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Author Info
Nicholas Vasilakos
Nikolay Zubanov

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Abstract

This paper evaluates the impact of R&D investment on income convergence for a cross section of manufacturing industries in 12 OECD countries over the time period 1987-1999. We apply dynamic panel estimation techniques to obtain a speed of convergence which, when conditioned to R&D expenditure, is significantly greater than the conventional 2%. In particular, the inclusion of the R&D variable results to a speed of convergence of 7-9% per year, suggesting that convergence is faster between equally technologically advanced industries. A further implication from our results is that differences in the industry mix can be important in explaining the speed of income convergence between countries.

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Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 09-09.

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Length: 24 pages
Date of creation: Jul 2009
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Handle: RePEc:bir:birmec:09-09

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Related research
Keywords: Income growth; beta convergence; R&D investment;

Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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This page was last updated on 2009-11-19.

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