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R&D, innovation and knowledge spillovers: An empirical reappraisal based on cross sectional dependence

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Author Info

  • Anna Bottasso

    (Department of Economics, University of Genoa)

  • Carolina Castagnetti

    ()
    (Department of Economics and Management, University of Pavia)

  • Maurizio Conti

    (Department of Economics, University of Genoa)

Abstract

Bottazzi and Peri (2007) show that the existence of a cointegrating relationship between the domestic stock of knowledge, domestic R&D and the international knowledge stock can be interpreted as evidence supporting the semi-endogenous growth models versus the endogenous growth ones. We replicate their study in a wide sense by analysing a slighlty wider sample of countries observed over a more recent time period and by estimating the cointegrating vector with an econometric methodology that is robust to cross sectional dependence. Our replication confirms Bottazzi and Peri’s main results but finds stronger spillover effects.

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File URL: http://economia.unipv.it/docs/dipeco/quad/ps/RePEc/pav/demwpp/DEMWP0045.pdf
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Bibliographic Info

Paper provided by University of Pavia, Department of Economics and Management in its series DEM Working Papers Series with number 045.

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Length: 7 pages
Date of creation: Jun 2013
Date of revision:
Handle: RePEc:pav:demwpp:demwp0045

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  1. Larsson, Rolf & Lyhagen, Johan & Löthgren, Mickael, 1998. "Likelihood-Based Cointegration Tests in Heterogeneous Panels," Working Paper Series in Economics and Finance 250, Stockholm School of Economics, revised 27 Aug 1998.
  2. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  4. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(2), pages 495-525, May.
  5. Anindya Banerjee & Massimiliano Marcellino & Chiara Osbat, 2004. "Some cautions on the use of panel methods for integrated series of macroeconomic data," Econometrics Journal, Royal Economic Society, vol. 7(2), pages 322-340, December.
  6. Mark, Nelson C. & Sul, Donggyu, 2001. "Nominal exchange rates and monetary fundamentals: Evidence from a small post-Bretton woods panel," Journal of International Economics, Elsevier, vol. 53(1), pages 29-52, February.
  7. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
  8. Pedroni, Peter, 1999. " Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 653-70, Special I.
  9. Laura Bottazzi & Giovanni Peri, 2007. "The International Dynamics of R&D and Innovation in the Long Run and in The Short Run," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 117(518), pages 486-511, 03.
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