Total Factor Productivity and Growth Potential: A Macro-Perspective Analysis on R&D Investment in OECD Countries (in Korean)

Joonkyung Ha and Eunseok Lee ()
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Eunseok Lee: Industry Analysis Team, Research Department, The Bank of Korea

Economic Analysis (Quarterly), 2013, vol. 19, issue 2, 25-57

Abstract: This paper analyzes the determinants of R&D in OECD countries. Unlike existing macro-perspective works, this paper views national R&D as an endogenous variable that is affected by strategic variables such as government support, networks, industry structure, and innovation environment. Panel analyses show that R&D is positively affected by government support, technological cooperation among firms and triple helix, and negatively affected by industry concentration in GDP, and real interest rates. These relationships turn out to be stronger in high-R&D-intensity countries. As Korea belongs to this group, it needs to improve both quantity and quality of R&D by strengthening networks among firms and triple helix, and promoting industry competition and diversity as well as government support.

Keywords: Total Factor Productivity; Growth Potential; R&D; Technological Innovation; Economic Growth (search for similar items in EconPapers)
JEL-codes: G11 L16 O31 (search for similar items in EconPapers)
Date: 2013
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