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Public R&D expenditure and private R&D expenditure: a causality analysis

  • Seung-Hoon Yoo
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    This paper examines the long-run and short-run causality issues between public R&D expenditure and private R&D expenditure in Korea by using the cointegration and error-correction models. The overall results show that there exists bidirectional causality between public R&D expenditure and private R&D expenditure. This means that increasing public R&D expenditure has a direct effect on private R&D expenditure and vice versa.

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    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 11 (2004)
    Issue (Month): 11 ()
    Pages: 711-714

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    Handle: RePEc:taf:apeclt:v:11:y:2004:i:11:p:711-714
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    1. James G. MacKinnon, 1990. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
    2. Toda, Hiro Y & Phillips, Peter C B, 1993. "Vector Autoregressions and Causality," Econometrica, Econometric Society, vol. 61(6), pages 1367-93, November.
    3. Paul A. David & Bronwyn H. Hall & Andrew A. Toole, 2000. "Is Public R&D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence," Development and Comp Systems 9912002, EconWPA.
    4. Pantula, Sastry G & Gonzalez-Farias, Graciela & Fuller, Wayne A, 1994. "A Comparison of Unit-Root Test Criteria," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 449-59, October.
    5. Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393, July.
    6. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
    7. Stock, James H. & Watson, Mark W., 1989. "Interpreting the evidence on money-income causality," Journal of Econometrics, Elsevier, vol. 40(1), pages 161-181, January.
    8. Geweke, John & Meese, Richard & Dent, Warren, 1983. "Comparing alternative tests of causality in temporal systems : Analytic results and experimental evidence," Journal of Econometrics, Elsevier, vol. 21(2), pages 161-194, February.
    9. Phillips, P.C.B., 1986. "Testing for a Unit Root in Time Series Regression," Cahiers de recherche 8633, Universite de Montreal, Departement de sciences economiques.
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