Does Public R&D Crowd Out Private R&D? A Note From Taiwan, Roc
This paper tests the cointegration and causal relationship between aggregate public R&D and private R&D for Taiwan for the period 1979-2007 using a newly developed cointegration test proposed by Pesaran et al. (2001) and using a modified version of the Granger causality test due to Toda and Yamamoto (1995). The paper finds a long run cointegrating relationship between public and private R&D and a bi-directional causality where they complement each other. The Government of the ROC should continue to invest not only to stimulate private R&D but also to enable the country to compete more globally in technology-intensive products.
Volume (Year): 34 (2009)
Issue (Month): 1 (June)
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- Robert B. Archibald & Alfredo M. Pereira, 2003. "Effects of Public and Private R&D on Private-Sector Performance in the United States," Public Finance Review, , vol. 31(4), pages 429-451, July.
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- Narayan, Paresh Kumar & Narayan, Seema, 2005. "Estimating income and price elasticities of imports for Fiji in a cointegration framework," Economic Modelling, Elsevier, vol. 22(3), pages 423-438, May.
- Caporale, Guglielmo Maria & Pittis, Nikitas, 1999. " Efficient Estimation of Cointegrating Vectors and Testing for Causality in Vector Autoregressions," Journal of Economic Surveys, Wiley Blackwell, vol. 13(1), pages 1-35, February.
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