Abstract
The emergence of technology at the national level and its international spillovers is a phenomenon determined not only by engineering and applied disciplines but also by economic conditions. Different findings are presented in the existing empirical literature investigating the economic factors of technology-intensive (HT) exports. This study contributes to an active debate in the literature on identifying the macroeconomic determinants of HT exports, mainly in the sample of middle and high-income countries. Export sophistication level was calculated with HT ratio and EXPY index. The analysis was carried out between 1988 and 2017 in 49 countries. Physical and human capital, research and development (R&D), foreign direct investments, exchange rate and country scale were chosen as explanatory variables. Findings show that physical and human capital, R&D expenditures, which constitute local technological capacity, are the primary sources of HT exports. Along with the national technological capacity, diffusion and scale effects are also important in the increase in HT exports. Human capital increases HT exports more than any other variable. The spillover effect of foreign direct investments is significant, but the magnitude is lower than the size of the variables that make up the national technological capacity. The results point to the importance of the composition of public policies in the fields of education, investment, and R&D.