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Innovation, Finance, and Economic Growth in OECD Countries: New Insights from a Panel Causality Approach

Author

Listed:
  • Rudra P. Pradhan

    (Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur, WB 721302, India)

  • Tamal Nath

    (Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur, WB 721302, India)

  • Rana P. Maradana

    (Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur, WB 721302, India†IBS-Hyderabad, ICFAI Foundation for Higher Education, Hyderabad, India)

  • Ajoy K. Sarangi

    (Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur, WB 721302, India‡National Informatics Centre, Baripada, India)

Abstract

In this paper, using a panel causality approach, we examine endogenous connections between financial development, innovation, and economic growth in OECD countries for the period 1961–2018. The empirical results of our study show that financial development and innovation support long-run economic growth and that the short-run dynamics facet the multifarious interconnections between financial development, innovation, and economic growth. The strategic insight drawn from this research is that to ensure sustainable economic growth, policy-makers in the OECD countries must pay attention to establishing an integrated structure that looks into co-improvement policies concerning the activities that enhance financial development, innovation, and economic growth.

Suggested Citation

  • Rudra P. Pradhan & Tamal Nath & Rana P. Maradana & Ajoy K. Sarangi, 2021. "Innovation, Finance, and Economic Growth in OECD Countries: New Insights from a Panel Causality Approach," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 18(04), pages 1-25, June.
    • Handle: RePEc:wsi:ijitmx:v:18:y:2021:i:04:n:s0219877021500139
    DOI: 10.1142/S0219877021500139
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    Citations

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    Cited by:

    1. Juan Wu & Fangmiao Hou & Wenjing Yu, 2021. "The Effect of Carbon Sink Plantation Projects on Local Economic Growth: An Empirical Analysis of County-Level Panel Data from Guangdong Province," Sustainability, MDPI, vol. 13(24), pages 1-19, December.
    2. Adamu Jibir & Hassan Zada & Musa Abdu & Naveed Khan, 2023. "Financial Development And Innovationled Economic Growth: Empirical Insight From Sub-Saharan Africa," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 68(237), pages 97-136, April – J.
    3. Skare, Marinko & Gavurova, Beata & Rigelsky, Martin, 2023. "Innovation activity and the outcomes of B2C, B2B, and B2G E-Commerce in EU countries," Journal of Business Research, Elsevier, vol. 163(C).

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