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Avrupa Birliği Ülkelerinde Teknolojik İnovasyon ile Ekonomik Büyüme Arasındaki İlişki: Bir Sistem GMM Yaklaşımı

Year 2024, Volume: 58 Issue: 4, 651 - 662, 31.10.2024
https://doi.org/10.51551/verimlilik.1440264

Abstract

Amaç: Bu araştırma, Avrupa Birliği (AB) ülkelerinde teknolojik yenilik ve bilimsel araştırmanın ekonomik büyüme üzerindeki etkilerini incelemeyi amaçlamaktadır. Sürdürülebilir kalkınma ve küresel rekabetçilik açısından bu faktörlerin önceliklendirilmesinin önemini vurgulamaktadır.
Yöntem: Panel veri analizi ve Sistem GMM yöntemi kullanılarak yapılan araştırma, Ar-Ge harcamaları ile kişi başına düşen Gayri Safi Yurtiçi Hasıla (GSYİH) arasındaki ilişkiyi incelemektedir.
Bulgular: Mevcut araştırmalar, inovasyon ve araştırmanın ekonomik performansı olumlu yönde etkilediğini ortaya koymaktadır. Teknolojik yenilik, yeni ürünlerin yaratılmasını ve üretim yöntemlerinin iyileştirilmesini sağlayarak ekonomik genişlemeyi desteklerken, bilimsel araştırma da ekonomik büyümeye önemli katkıda bulunmaktadır. Yapılan araştırma, Ar-Ge harcamaları ile GSYİH arasında pozitif bir ilişki olduğunu doğrulamaktadır, bu da ekonomik büyümeyi göstermektedir.
Özgünlük: Mevcut literatürden farklı olarak, Prais-Winsten ve Sistem GMM gibi yöntemlerle sonuçlar karşılaştırılmalı olarak AB ülkeleri üzerinde analiz edilmektedir. Ayrıca AB üye ülke grubu üzerinde yürütülen tartışma ile sürdürülebilir kalkınma ve küresel rekabetçilik kavramları ele alınmıştır.

References

  • Acemoglu, D. (2019). “Science and Technology as Engines of Economic Growth: Lessons from European Union Countries”, American Economic Review, 109(5), 1741-1772.
  • Ahmad, M. and Zheng, J. (2023). “The Cyclical and Nonlinear Impact of R&D and Innovation Activities on Economic Growth in OECD Economies: A New Perspective”, Journal of the Knowledge Economy, 14(1), 544-593.
  • Akarsu, Y., Alacahan, N.D. and Atakisi, A. (2020). “Country Comparisons and Research Development Expenditures and The Relationship between Economic Growth: Panel Data Analysis”, Social Sciences Research Journal, 9(4), 159-167.
  • Altiner, A. and Toktas, Y. (2017). “The Effects of Innovation on Economic Growth in the Emerging Market Economics: Panel Data Analysis”. Journal of Current Researches on Business and Economics, 7(2), 477-496.
  • Amaghouss, J. and Ibourk, A. (2013). “Entrepreneurial Activities, Innovation and Economic Growth: The Role of Cyclical Factors - Evidence from OECD Countries for the Period 2001-2009”. International Business Research, 6(1), 153.
  • Arellano, M. and Bond, S. (1991). “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. and Bover, O. (1995). “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Baltagi, Badi. H., (2005). “Econometric Analysis of Panel Data”, Third Edition, John Wiley & Sons Ltd., West Sussex, England.
  • Beck, N. and Katz, J.N. (1995). “What to Do (and Not to Do) with Time-Series Cross-Section Data”, American Political Science Review, 89(3), 634-647.
  • Blundell, R. and Bond, S. (1998). “Initial Conditions and Moment Restrictions in Dynamic Panel DATA models”, Journal of Econometrics, 87(1), 115-143.
  • Callen, T. (2024). “Gross Domestic Product: An Economy’s All”, Finance & Development, Economics Concepts Explained, 14-15.
  • Das, P. (2019). “Econometrics in Theory and Practice: Analysis of Cross Section, Time Series and Panel Data with Stata 15.1”, Springer Singapore.
  • David, P.A., Hall, B.H. and Toole, A.A. (2000). “Is Public R&D A Complement or Substitute for Private R&D? A Review of the Econometric Evidence”, Research Policy, 29(4-5), 497-529.
  • Gerguri, S. and Ramadani, V. (2010). “The Impact of Innovation into the Economic Growth”, Munich Personal RePEc Archive, 22270, 1-22.
  • Greene, W. (2012). “Econometric Analysis. 7th Edition”, Prentice Hall, Upper Saddle River.
  • Griliches, Z. (1992). “The Search for R&D Spillovers”. The Scandinavian Journal of Economics, 94, 29-47.
  • Gyedu, S., Heng, T., Ntarmah, A.H., He, Y. and Frimppong, E. (2021). “The Impact of Innovation on Economic Growth Among G7 and BRICS Countries: A GMM Style Panel Vector Autoregressive Approach”, Technological Forecasting and Social Change, 173, 121169.
  • Hsiao, C. (2002). “Analysis of Panel Data”, Cambridge University Press, Second Edition, NewYork.
  • Inekwe, J.N. (2015). “The Contribution of R&D Expenditure to Economic Growth in Developing Economies”, Social Indicators Research, 124(3), 727-745.
  • Jones, R. (2018). “The Role of Scientific Research in Economic Growth: Evidence from European Union Countries”. Research Policy, 45(9), 1785-1802.
  • Kalisz, D. E. and Aluchna, M. (2012). “Research and Innovation Redefined. Perspectives on the European Union Initiatives on Horizon 2020”, European Integration Studies, No: 6.
  • Krugman, P. (2016). “Innovation and Economic Growth: An Analysis of European Union Countries”, Economic Journal, 126(593), 990-1022.
  • Levine, R., Loayza, N. and Beck, T. (2000). “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, 46(1), 31-77.
  • Ozcan, S.E. and Ozer P. (2018). “The Impacts of Research and Development Expenditures and Number of Patent Application on Economic Growth: An Application on OECD Countries”, Anadolu University Journal of Social Sciences, 18(1), 15-28.
  • Prais, S.J. and Winsten, C.B. (1954). “Trend Estimators and Serial Correlation”, Chicago: Cowles Commission Discussion Paper, 383, 2-26.
  • Roodman, D. (2009). “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Samimi, A.J. and Alerasoul, S.M. (2009). “R&D and Economic Growth: New Evidence from Some Developing Countries”, Australian Journal of Basic and Applied Sciences, 3(4), 3464-3469.
  • Shahbaz, M., Song, M., Ahmad, S. and Vo, X.V. (2022). “Does Economic Growth Stimulate Energy Consumption? The Role of Human Capital and R&D Expenditures in China”, Energy Economics, 105, 105662.
  • Smith, J. (2017). “The Impact of Technological Innovation on Economic Growth: A Case Study of European Union Countries”, Journal of Innovation Economics, 21(3), 45-68.
  • Sungur, O., Aydin, H. and Eren, M. (2016). “The Relationship among R&D, Innovation, Export and Economic Growth in Turkey: Asymmetric Causality Analysis”. Suleyman Demirel University the Journal of Faculty of Economics and Administrative Sciences, 21(1), 173-192.
  • Tung, L.T. and Hoang, L.N. (2024). “Impact of R&D Expenditure on Economic Growth: Evidence from Emerging Economies”, Journal of Science and Technology Policy Management, 15(3), 636-654.
  • Ulku, H. (2004). “R&D, Innovation, and Economic Growth: An Empirical Analysis”, IMF Working Paper No. 04/185.
  • Wang, B., Khalid, S. and Mahmood, H. (2024). “R&D Spending and Economic Policy Uncertainty in Asian Countries: An Advanced Panel Data Estimation Study”, Journal of the Knowledge Economy, 15(1), 4710-4729.
  • Yaylali, M., Akan, Y. and Isik, C. (2010). “Türkiye'de Ar&Ge Yatırım Harcamaları ve Ekonomik Büyüme Arasındaki Eş-Bütünleşme ve Nedensellik İlişkisi: 1990–2009”, The Journal of Knowledge Economy & Knowledge Management, 5(2), 13-26.

The Relationship between Technological Innovation and Economic Growth in EU Countries: A System GMM Approach

Year 2024, Volume: 58 Issue: 4, 651 - 662, 31.10.2024
https://doi.org/10.51551/verimlilik.1440264

Abstract

Purpose: This study aims to investigate the effects of technological innovation and scientific research on economic growth in European Union (EU) countries. It emphasizes the importance of prioritizing these factors for sustainable development and global competitiveness.
Methodology: The research, conducted using panel data analysis and the System GMM method, examines the relationship between R&D expenditures and per capita Gross Domestic Product (GDP).
Findings: Existing research indicates that innovation and research positively affect economic performance. Technological innovation supports economic expansion by enabling the creation of new products and improving production methods, while scientific research also makes a significant contribution to economic growth. The study confirms a positive relationship between R&D expenditures and GDP per capita, indicating economic growth.
Originality: In contrast to existing literature, the results are analyzed comparatively on EU countries using methods such as Prais-Winsten and System GMM. Additionally, the discussion conducted on the group of EU member states addresses the concepts of sustainable development and global competitiveness.

References

  • Acemoglu, D. (2019). “Science and Technology as Engines of Economic Growth: Lessons from European Union Countries”, American Economic Review, 109(5), 1741-1772.
  • Ahmad, M. and Zheng, J. (2023). “The Cyclical and Nonlinear Impact of R&D and Innovation Activities on Economic Growth in OECD Economies: A New Perspective”, Journal of the Knowledge Economy, 14(1), 544-593.
  • Akarsu, Y., Alacahan, N.D. and Atakisi, A. (2020). “Country Comparisons and Research Development Expenditures and The Relationship between Economic Growth: Panel Data Analysis”, Social Sciences Research Journal, 9(4), 159-167.
  • Altiner, A. and Toktas, Y. (2017). “The Effects of Innovation on Economic Growth in the Emerging Market Economics: Panel Data Analysis”. Journal of Current Researches on Business and Economics, 7(2), 477-496.
  • Amaghouss, J. and Ibourk, A. (2013). “Entrepreneurial Activities, Innovation and Economic Growth: The Role of Cyclical Factors - Evidence from OECD Countries for the Period 2001-2009”. International Business Research, 6(1), 153.
  • Arellano, M. and Bond, S. (1991). “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. and Bover, O. (1995). “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68(1), 29-51.
  • Baltagi, Badi. H., (2005). “Econometric Analysis of Panel Data”, Third Edition, John Wiley & Sons Ltd., West Sussex, England.
  • Beck, N. and Katz, J.N. (1995). “What to Do (and Not to Do) with Time-Series Cross-Section Data”, American Political Science Review, 89(3), 634-647.
  • Blundell, R. and Bond, S. (1998). “Initial Conditions and Moment Restrictions in Dynamic Panel DATA models”, Journal of Econometrics, 87(1), 115-143.
  • Callen, T. (2024). “Gross Domestic Product: An Economy’s All”, Finance & Development, Economics Concepts Explained, 14-15.
  • Das, P. (2019). “Econometrics in Theory and Practice: Analysis of Cross Section, Time Series and Panel Data with Stata 15.1”, Springer Singapore.
  • David, P.A., Hall, B.H. and Toole, A.A. (2000). “Is Public R&D A Complement or Substitute for Private R&D? A Review of the Econometric Evidence”, Research Policy, 29(4-5), 497-529.
  • Gerguri, S. and Ramadani, V. (2010). “The Impact of Innovation into the Economic Growth”, Munich Personal RePEc Archive, 22270, 1-22.
  • Greene, W. (2012). “Econometric Analysis. 7th Edition”, Prentice Hall, Upper Saddle River.
  • Griliches, Z. (1992). “The Search for R&D Spillovers”. The Scandinavian Journal of Economics, 94, 29-47.
  • Gyedu, S., Heng, T., Ntarmah, A.H., He, Y. and Frimppong, E. (2021). “The Impact of Innovation on Economic Growth Among G7 and BRICS Countries: A GMM Style Panel Vector Autoregressive Approach”, Technological Forecasting and Social Change, 173, 121169.
  • Hsiao, C. (2002). “Analysis of Panel Data”, Cambridge University Press, Second Edition, NewYork.
  • Inekwe, J.N. (2015). “The Contribution of R&D Expenditure to Economic Growth in Developing Economies”, Social Indicators Research, 124(3), 727-745.
  • Jones, R. (2018). “The Role of Scientific Research in Economic Growth: Evidence from European Union Countries”. Research Policy, 45(9), 1785-1802.
  • Kalisz, D. E. and Aluchna, M. (2012). “Research and Innovation Redefined. Perspectives on the European Union Initiatives on Horizon 2020”, European Integration Studies, No: 6.
  • Krugman, P. (2016). “Innovation and Economic Growth: An Analysis of European Union Countries”, Economic Journal, 126(593), 990-1022.
  • Levine, R., Loayza, N. and Beck, T. (2000). “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, 46(1), 31-77.
  • Ozcan, S.E. and Ozer P. (2018). “The Impacts of Research and Development Expenditures and Number of Patent Application on Economic Growth: An Application on OECD Countries”, Anadolu University Journal of Social Sciences, 18(1), 15-28.
  • Prais, S.J. and Winsten, C.B. (1954). “Trend Estimators and Serial Correlation”, Chicago: Cowles Commission Discussion Paper, 383, 2-26.
  • Roodman, D. (2009). “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Samimi, A.J. and Alerasoul, S.M. (2009). “R&D and Economic Growth: New Evidence from Some Developing Countries”, Australian Journal of Basic and Applied Sciences, 3(4), 3464-3469.
  • Shahbaz, M., Song, M., Ahmad, S. and Vo, X.V. (2022). “Does Economic Growth Stimulate Energy Consumption? The Role of Human Capital and R&D Expenditures in China”, Energy Economics, 105, 105662.
  • Smith, J. (2017). “The Impact of Technological Innovation on Economic Growth: A Case Study of European Union Countries”, Journal of Innovation Economics, 21(3), 45-68.
  • Sungur, O., Aydin, H. and Eren, M. (2016). “The Relationship among R&D, Innovation, Export and Economic Growth in Turkey: Asymmetric Causality Analysis”. Suleyman Demirel University the Journal of Faculty of Economics and Administrative Sciences, 21(1), 173-192.
  • Tung, L.T. and Hoang, L.N. (2024). “Impact of R&D Expenditure on Economic Growth: Evidence from Emerging Economies”, Journal of Science and Technology Policy Management, 15(3), 636-654.
  • Ulku, H. (2004). “R&D, Innovation, and Economic Growth: An Empirical Analysis”, IMF Working Paper No. 04/185.
  • Wang, B., Khalid, S. and Mahmood, H. (2024). “R&D Spending and Economic Policy Uncertainty in Asian Countries: An Advanced Panel Data Estimation Study”, Journal of the Knowledge Economy, 15(1), 4710-4729.
  • Yaylali, M., Akan, Y. and Isik, C. (2010). “Türkiye'de Ar&Ge Yatırım Harcamaları ve Ekonomik Büyüme Arasındaki Eş-Bütünleşme ve Nedensellik İlişkisi: 1990–2009”, The Journal of Knowledge Economy & Knowledge Management, 5(2), 13-26.
There are 34 citations in total.

Details

Primary Language English
Subjects Sustainable Development, Statistics (Other)
Journal Section Araştırma Makalesi
Authors

Mahir Tosunoğlu 0000-0002-9941-0151

Publication Date October 31, 2024
Submission Date February 20, 2024
Acceptance Date October 1, 2024
Published in Issue Year 2024 Volume: 58 Issue: 4

Cite

APA Tosunoğlu, M. (2024). The Relationship between Technological Innovation and Economic Growth in EU Countries: A System GMM Approach. Verimlilik Dergisi, 58(4), 651-662. https://doi.org/10.51551/verimlilik.1440264

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