The Relationship of Technological Development and Economic Growth: A Case of Emerging Economies

Yıl 2022, Cilt: 7 Sayı: 1, 265 - 274, 30.06.2022

Funda H. Sezgin Yunus Budak

Öz

Technology is of great importance not only at the scale of sectors or companies, but also for countries. However, it is seen as a serious influencing variable in determining the level of development. Technological developments have a great role in terms of the driving force of growth, especially for emerging economies. The aim of this study is to analyze the impact of technological developments on growth in emerging economies and try to find them with the help of panel cointegration method. As a result of the analysis, the long-term relationships of the variables were determined. Looking at long-term coefficient estimates, statistically a significant relationship emerged on R&D and PA variable on GDP. In this respect, the R&D variable increases the GDP variable by 26.8%. On the other hand, the PA variable increases the GDP variable by 20,5%. Finally, causality from R&D and PA variables to GDP was found to be one-way causality.

Anahtar Kelimeler

Technological Development, Growth, Panel Data Analysis

Teknolojik Gelişme ve Ekonomik Büyüme İlişkisi: Yükselen Ekonomiler Örneği

Öz

Teknoloji, sadece sektörler veya firmalar ölçeğinde değil aynı zamanda ülkeler açısından da büyük önem arz etmektedir. Bununla birlikte, ülkelerin kalkınmışlık ve gelişmişlik düzeylerini de belirleme noktasında ciddi bir etkileyici değişken olarak görülmektedir. Bu açıdan; teknoloji ile aynı zamansal süreçte yürümek ülkelerin ulusal hedefleri için vazgeçilmez olmalıdır. Özellikle, yükselen ekonomiler için büyümenin itici gücü olarak teknolojik gelişmeler büyük önem taşımaktadır. Bu çalışmanın amacı, yükselen ekonomilerde teknolojik gelişmelerin büyümeye olan etkisini analiz ederek, panel eşbütünleme metodu yardımı ile bulmaya çalışmaktır. Analizin sonuç kısmına bakıldığında, değişkenlerin uzun süreli ilişkileri belirlenmiştir. Uzun dönem katsayı tahminlerine bakıldığında, AR-GE ve PA değişkeni GSYİH üzerinde olumlu açıdan istatistik anlamlı bir ilişki ortaya çıkmıştır. Bu açıdan AR-GE değişkeni GSYİH değişkenini %26,8 oranında arttırmaktadır. Diğer taraftan, PA değişkeni GSYİH değişkenini %20,5 arttırmaktadır. Son olarak, AR-GE ve PA değişkenlerinden GSYİH’ye doğru nedensellik tek yönlü olarak bulunmuştur.

Anahtar Kelimeler

Teknolojik Gelişme, Büyüme, Panel Veri Analizi

Kaynakça

• Altıntaş, F. F. (2020). İnovasyonun Ekonomik Büyümeyi Etkilemesine Yönelik Bir Yapısal Eşitlik Modeli Uygulaması: G20 Grubu Ülkeleri Örneği. BMIJ, 8(4), 723-763.
• Amiri, S., & Woodside, J. M. (2017). Emerging Markets: The Impact of ICT on The Economy and Society. Digital Policy, Regulation and Governance,19(5), 383-396.
• Arrow, K. (1962). The Economic Implications of Learning by Doing. The Review of Economic Studies, 29(3), 155-73.
• Cütcü İ., & Bozan T. (2019). İnovasyon ve Ekonomik Büyüme İlişkisi: G-7 Ülkeleri Üzerine Panel Veri Analizi. Uluslararası Ekonomi İşletme ve Politika Dergisi, 3(2), 289-310.
• Donou-Adonsou, F. (2019). Technology, education, and economic growth in sub-saharan Africa. Telecommunications Policy, 43(4), 353-360.
• Dumitrescu, E., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29, 1450-1460.
• Gulmez, A., & Yardımcıoglu, F. (2012). OECD Ülkelerinde Ar-Ge harcaması ve ekonomik büyüme ilişkisi: Panel eşbütünleşme ve panel nedensellik analizi (1990-2010). Maliye Dergisi, 163, 335-353.
• Hasan, I., & Tucci, C. L. (2010). The innovation–Economic growth nexus: Global evidence. Research Policy, 39 (10), 1264-1276.
• Hong, J-P. (2017). Causal Relationship Between ICT R&D Investment and economic growth in Korea. Technological Forecasting and Social Change, 116, 70-75.
• Huňady, J., & Orviská, M. (2014). The Impact of Research and Development Expenditures on Innovation Performance and Economic Growth of the Country – the Empirical Evidence. CBU International Conference Proceedings, 2, 119-125.
• Inekwe, J. N. (2015). The Contribution of R&D Expenditure to Economic Growth in Developing Economies. Social Indicators Research,124(3),727-745.
• Josheski, D., & Koteski, C. (2011). The causal relationship between patent growth and growth of GDP with quarterly data in the G7 countries: Cointegration, ARDL and Error Correction Models. MPRA Paper No. 33153, 1-21.
• Korkmaz, S. (2010). Türkiye’de Ar-Ge Yatırımları ve Ekonomik Büyüme Arasındaki İlişkinin VAR Modeli İle Analizi.Yaşar Üniversitesi E-Dergisi, 5(20), 3320-3330.
• Krugman, P. (1979). Increasing returns, monopolistic competition and international trade. Journal of International Economics, 9(4),469-479.
• Li, F., Appiah, M., & Dodoo, R. (2020). The Effects of Technology and Labor on Growth in Emerging Countries, Management Research and Practice, 12(2), 39-47.
• Lindgardt, Z., Reeves, M., & Stalk, G. (2015). Business Model Innovation -When the Game Gets Tough, Change The Game. Boston, MA: Boston Consulting Group.
• Ljungquist, L., & Sargent, T. (2004). Recursive macroeconomic theory, 2nd edition. Cambridge MA: MIT Press.
• Lucas, R. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
• Maradana, R. P., Pradhan R. P., Dash, S., Zaki, D. B., Gaurav, K., Jayakumar, M., & Sarangi, A. K. (2019). Innovation and Economic Growth in European Economic Area Countries: The Granger Causality Approach. IIMB Management Review, 31(3), 268-282.
• Meçik, O. (2014). Ar-Ge harcamalarının ekonomik gelişmişlik üzerindeki etkileri. Uluslararası Sosyal Araştırmalar Dergisi, 7(32), 669- 674.
• Medcof, J.W., & Lee, T. (2017). The effects of the chief technology officer and firm and industry R&D intensity on organizational performance: CTO and firm and industry R&D on organizational performance. R&D Management, 47(5), 767-781.
• Ntuli, H., Inglesi-Lotz, Chang, T., & Pouris, (2015). A Does Research Output Cause Economic Growth or Vice Versa? Evidence from 34 OECD Countries. Journal of the Association for Information Science and Technology, 66(8), 1709-1716.
• Özbay, F, Arıcan, M, Oguzturk, B, S. (2021). Çin Rüyasının Gerçekleşmesinde İnovasyonun Önemi: Büyüme ve İnovasyon İlişkisi Üzerine Ekonometrik Bir Analiz. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10 (1), 413-437.
• Pala, A. (2019). Inovation and Economic Growth in Developing Countries: Empirical Implication of Swamy’s Random Coefficient Model, 3rd World Conference on Technology, Innovation and Entrepreneurship (WOCTINE), Procedia Computer Science, 158, 1122-1130.
• Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142 (1), 50-93.
• Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. CESifo Working Papers, no.1233, 255–260.
• Pesaran, M. H. (2007). A Simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22(2), 265-312.
• Pesaran, M. H., Ullah A., & Yamagata T. (2008). A bias-adjusted lm test of error cross-section independence. Econometrics Journal, 11 (1), 105-127.
• Petrariu, I. R., Bumbac, R., & Ciobanu, R. (2013). Innovation: a path to competitiveness and economic growth. The case of CEE countries, Theoretical and Applied Economics, 20(3), 15-26.
• Petruzzelli, M. A., Ardito, L., & Savino, T. (2018). Maturity of knowledge inputs and innovation value: The moderating effect of firm age and size. Journal of Business Research, 86, 190–201.
• Posner, Michael V. (1961). International trade and technical change. Oxford Economic Papers, 13, 11–37.
• Pradhan, R. P., Arvin, M. B., Bahmani, S., & Bennett, S. E. (2017). The ınnovation-growth link in OECD countries: Could other macroeconomic variables matter? Technology in Society, 51, 113-123.
• Pradhan, R. P., Arvin, M. B., Hall, J. H., & Nair, M. (2016). Innovation, financial development and economic growth in eurozone countries. Applied Economics Letters, 23(16), 1141-1144.
• Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2020a). Sustainable economic growth in the European Union: The role of ICT, venture capital, and innovation. Review of Financial Economics, 38(1), 34–62.
• Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037.
• Romer, P. M. (1987). Growth based on increasing returns due to specialization. The American Economic Review, 77(2), 56-62.
• Romer, P. M. (2014). Mathiness in the theory of economic growth. American Economic Review 105, 89-93.
• Romer, P.M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102.
• Shen, X., & B. Lin & W. Wu (2019). R&D Efforts, Total Factor Productivity, and the Energy Intensity in China. Emerging Markets Finance and Trade, 55(11), 2566-2588.
• Solow, R. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70, 65-94.
• Spear, S., & Young, W. (2015). Two-Sector growth, optimal growth, and the turnpike: amalgamation and metamorphosis. Macroeconomic Dynamics, 19, 394-424.
• Srivastava, S., Sultan, A., & Chashti, N. (2017). Influence of innovation competence on firm level competitiveness: an exploratory study. Asia Pacific Journal of Innovation and Entrepreneurship, 11(1), 63-75.
• Tuna, K., Kayacan, E., & Bektaş, H. (2015). The relationship between research & development expenditures and economic growth: The case of Turkey. Procedia - Social and Behavioral Sciences, 195, 501-507.
• Türedi, S. (2016). The relationship between R&D expenditures, patent applications and growth: A dynamic panel causality analysis for OECD countries. Anadolu University Journal of Social Sciences, 16(1), 39-48.
• Vuckovic, M. (2016). The relationship between innovation and economic growth in emerging economies: Organizational Response to Globally Driven Institutional Changes, 1-7.
• Wang, D. Han-Min, Tiffany, H. K. Yu ve Hong-Quan, L. (2013). Heterogeneous effect of high-tech industrial R&D spending on economic growth. Journal of Business Research, 66(10), 1990-1993.
• Weerawardena, J. (2003). The role of marketing capability in innovation-based competitive strategy. Journal of Strategic Marketing, 11(1), 15-35.
• Zachariadis, M. (2003). R&D, Innovation, and Technological Progress: A Test of the Schumpeterian Framework without Scale Effects. Canadian Journal of Economics, 36 (3), 566-686.
• Zaman, K., Khan, H. U. R., Ahmad, M., & Aamir, A. (2018). Research productivity and economic growth: A policy lesson learnt from across the globe. Iranian Economic Review, 22(3), 627-641.
• Zhou, G., & Luo, Z. (2018). Higher education input, technological innovation, and economic growth in China. Sustainability, 10, 1-15.