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R&D expenditure and convergence: evidence for a panel of 16 OECD countries

Author

Listed:
  • Anna Tykhonenko
  • F. Bonetto

    (CEMAFI - Centre d'Etudes en Macroéconomie et Finance Internationale - UNS - Université Nice Sophia Antipolis (1965 - 2019))

Abstract

The current financial crisis is likely to reduce investment in Research and Development (R&D). Yet endogenous growth models underline the importance of the technological capital in the growth process: the accumulation of knowledge through R&D activities is one of the factors of self-sustained growth because it generates positive external effects. This paper aims to show the impact of the investment in R&D on the process of convergence between selected OECD countries. Using panel data over the period 1983-2004 for a sample of 16 countries, we test the convergence's hypothesis by the Bayesian iterative estimation method; a technological variable is introduced to control the differences in steady-state. Our empirical results validate the effect of expenditure in R&D in the catching-up process. Consequently, a decrease in these investments would be detrimental to growth.

Suggested Citation

  • Anna Tykhonenko & F. Bonetto, 2010. "R&D expenditure and convergence: evidence for a panel of 16 OECD countries," Post-Print halshs-00726313, HAL.
    • Handle: RePEc:hal:journl:halshs-00726313
    as

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