Mission-oriented R&D and growth of Japan 1988-2016

Thomas Ziesemer ()

No 2022-034, MERIT Working Papers from United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT)

Abstract: We analyze the dynamic interaction of Japan's total factor productivity (TFP), GDP, stocks of domestic and foreign private and public as well as mission-oriented R&D, called GBARD in OECD statistics, in a vector-error-correction model (VECM) for Japan with stock data for the period 1987-2016. Permanent policy changes show the following main results: (i) GBARD as well as private and public R&D each encourage growth rates of the other R&D stocks and of TFP and GDP, and all have high internal rates of return; (ii) Japan's R&D policies affect and are affected by foreign R&D; in particular, Japan's public R&D has a positive impact on European private R&D, whereas other OECD countries' R&D has a negative one; (iii) permanent foreign public R&D changes are detrimental to Japan's growth of TFP and GDP. Japan's R&D policies should be supported by education policies enhancing especially the number of PhDs and IT personnel.

JEL-codes: F43 O19 O47 O53 (search for similar items in EconPapers)
Date: 2022-10-20
New Economics Papers: this item is included in nep-ino, nep-knm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:unm:unumer:2022034

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