International R&D spillovers and manufacturing productivity: A panel data analysis
This paper analyses the long-run influence of domestic and foreign technological capital on countries' manufacturing TFP. The calculation of the TFP has been carried out by applying specific unit value ratios, adjusting the value added of each individual (sector-country) in order to take into account the unsynchronized business cycles across countries, using hedonic price indices and estimating labour shares. To measure the technological externalities, we have applied alternative weightings with the aim of considering the influence of the country of origin of the externalities and of the intensity of the relationships maintained. Another aspect to highlight is the application of estimation procedures and tests of unit roots and of cointegration that are adequate for the panel of data and that permit the presentation of non-biased estimations. Finally, empirical evidence is presented about the different patterns of spillovers of the industrial sectors grouped according to their technological intensities.
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