R&D EXPENDITURE AND ECONOMIC GROWTH: A CASE OF EU28

Abstract

Economic growth rate is one of the main indicators of the economic development. The new theory of economic growth, known as "Endogenous Theory of Growth," suggests that technological innovations are becoming an increasingly more important contributor to economic growth. Research and development (R&D) expenditures are generally considered as one of the most important factors in explaining the progress of technology.

The aim of study was to quantify the effect of R&D expenditure on economic growth in the period 1995-2016. For this purpose by using data of 28 EU members, a panel data analysis was performed. According to the results of the analysis, a positive relationship was found between R & D expenditures and economic growth. In this context, it has been determined that an increase by 1% in R&D expenditures per capita raised the real gross domestic product by 0.18%.

Keywords

• R & D Expenditures,Economic Growth,Panel Data Analysis

ARAŞTIRMA GELİŞTİRME HARCAMALARININ EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİLERİ ÜZERİNE BİR İNCELEME: AB28 ÖRNEĞİ

Abstract

Ekonomik büyüme oranı, ekonomik gelişmenin ana göstergelerinden biridir. Yeni ekonomik büyüme teorileri, teknolojiyi uzun vadede en önemli ekonomik büyüme kaynağı olarak işaret etmektedir. Araştırma-Geliştirme (Ar-Ge) faaliyetleri sonucu geliştirilen teknolojik bilgi, tüm ekonomiye yayılarak ekonomik büyümeyi gerçekleştirmektedir.

Bu çalışma 1998-2017 dönemi kapsamında Avrupa Birliği (AB) ülkelerinin Ar-Ge harcamalarının ekonomik büyümeleri üzerindeki rolünü incelemiştir. Araştırma sonucunda, Ar-Ge harcamaları ile ekonomik büyüme arasında pozitif ilişki tespit edilmiştir.

Keywords

• Ar-Ge Harcamaları,Ekonomik Büyüme,Panel Veri Analizi

References

1. Aghion, P. ve Howitt, P., (1992), “A Model Of Growth Through Creative Destruction”, Econometrica, 60(2), pp.323-51.
2. Bhargava, A., Franzini, L., and Narendranathan, W., (1982), “Serial Correlation and the Fixed Effects Model”, The Review of Economic Studies, 49(4), pp.533-549.
3. Cobb, C., W. ve Douglas, P., H., (1928), “A Theory of Production”, The American Economic Review, Vol. 18, No. 1, Supplement, Papers and Proceedings of the Fortieth Annual Meeting of the American Economic Association (Mar., 1928), pp. 139-165.
4. Coe, D., T. ve Helpman, E., (1995), “International R&D Spillovers”, European Economic Review, Vol.39, No.5, pp. 859-887.
5. Del Monte, A. ve Papagni, E., (2003), “R&D and The Growth of Firms: Empirical Analysis of a Panel of Italian Firms”, Research Policy, 32 (6), pp.1003 – 1014.
6. Evenson, R., E. ve Sing, L., (1997), “Economic Growth, International Technological Spillovers and Public Policy: Theory and Empirical Evidence from Asia”, Center Discussion Paper, No: 777, pp.1-15.
7. EU, (2018), “European Union Industrial R&D Investment Scoreboard” 2018.
8. Freimane, R. ve Baliņa, S., (2016), “Research and Development Expenditures and Economic Growth in the EU: A Panel Data Analysis”, Economics and Business, Vol: 29, Issue:1, pp.5-11.

9. Gittleman, M. ve Wolff, E., N., (1995), “R&D Activity and Cross Country Growth Comparisons”, Cambridge Journal of Economics, Vol.19, pp.189-207.
10. Goel, R., K. ve Ram, R., (1994), “Research and Development Expenditures and Economic Growth: A Cross-Country Study”, Economic Development and Cultural Change, Vol. 42, No.2, pp. 403-11.
11. Grossman, G., Helpman, E., (1991), “Innovation and Growth in the Global Economy”, MIT Press, Cambridge MA.
12. Gülmez A. ve Akpolat G., A., (2014), “Ar-Ge & İnovasyon ve Ekonomik Büyüme Türkiye ve AB Örneği İçin Dinamik Panel Veri Analizi”, AİBÜ Sosyal Bilimler Enstitüsü Dergisi, Cilt:14, Yıl:14, Sayı:2, ss.1-17.
13. Gümüş, E. ve Çelikay, F. (2015), “R&D Expenditure and Economic Growth: New Empirical Evidence”, The Journal of Applied Economic Research, 9 : 3, pp. 205–217.Hausman, J., A., (1978), “Specification Tests in Econometrics”, Econometrica, 46(6), pp.125-1271.
14. Karagiannis, S., (2007), “The Knowledge-Based Economy, Convergence and Economic Growth: Evidence from the European Union”, Centre of Planning and Economic Research Discussion Papers, No: 91, pp. 1-40.
15. Lichtenberg, F., R., (1993), “R&D Investment and International Productivity Differences”, NBER Working Paper Series, Working Paper No: 4161, pp. 1-37.
16. Oecd (2002), “Frascati Manual 2002: Proposed Standard Practice for Surveys on Research and Experimental Development”, The Measurement of Scientific and Technological Activities, OECD Publishing, Paris.
17. Özsağır, A., (2016), “Bilgi Ekonomisi”, Seçkin Yayıncılık, Ankara.
18. Pesaran, M., H., (2004), “General Diagnostic Tests for Cross-Section Dependence in Panels”, Working Paper, Trinity College, Cambridge.
19. Romer, P., M., (1990), “Endogenous Technological Change”, Journal of Political Economy, vol. 98, no. 5, pt. 2, pp.71-102.
20. Samimi, A., J. ve Alerasoul, S., M., (2009), “R&D and Economic Growth: New Evidence from Some Developing Countries”, Australian Journal of Basic and Applied Sciences, 3 (4), pp. 3464‐3469.
21. Serén, M., J., (2001), “R&D Expenditure in an Endogenous Growth Model”, Journal of Economics, Vol. 74, No. 1 (2001), pp. 39-62.
22. Snowdon, B. ve Vane, R., H., (2012), “Modern Makroekonomi (Modern Macroeconomics)”, (Çev. Ertan Ersoy, Böl.11), 1. Baskı, Ankara, Efil Yayınevi.
23. Tatoğlu, F., Y., (2016), “Panel Veri Ekonometrisi Stata Uygulamalı”, Beta Yayınevi.
24. Velden, Van Der J., (2009), Briefing Note for the Meeting of the EMPL Committee, 5 October 2009, European Parliament.
25. Yeldan, E., (2011), “İktisadi Büyüme ve Bölüşüm Teorileri”, 2. Basım, Ankara, Efil Yayınevi.