Complementarity between private and public investment in R&D: A Dynamic Panel Data analysis
AbstractThis paper investigates the relationship between private and public investment in R&D, while taking into account the effect of several instruments policies such as subsidies and taxes. We design a new look of knowledge spillovers and R&D cooperation to explain the contribution of public and private R&D on growth. We propose a heterogeneous dynamic panel data model to consider the endogenous effect of R&D investment. We also distinguish between the estimated long and short run results. Our results based on a sample of 23 countries over the period 1992-2004 indicate that both public and private investments in R&D are complementary. By establishing an endogenous growth model, the estimates indicate that public and private R&D depends on the host country's human capital investment. Results indicate that foreign direct investment is a more significant spillover channel than imports.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number hal-00388525.
Date of creation: 01 Jul 2009
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Publication status: Published - Presented, IAENG Conferences - WCE 2009 International Conference of Computational Statistics and Data Engineering, 2009, London, United Kingdom
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R&D investment; Technology Spillovers; Complementarities; Economic growth; Dynamic Panel Data; Cointegration; Unit root test; Private investment; Public investment; R&D cooperation;
Other versions of this item:
- Sadraoui Tarek & Naceur Ben Zina, 2009. "Complementarity between private and public investment in R&D: A Dynamic Panel Data analysis," Papers 0905.4272, arXiv.org.
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- Enrique López-Bazo & Francisco Requena & Guadalupe Serrano, 2006. "Complementarity Between Local Knowledge And Internationalization In Regional Technological Progress," Journal of Regional Science, Wiley Blackwell, vol. 46(5), pages 901-929.
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