Beyond Brexit’s uncertainty: the foreseeable Britain’s innovative stagnation

Alcides J. Padilla and Alexander Garrido

Journal of Economic Studies, 2018, vol. 45, issue 4, 773-790

Abstract: Purpose - The purpose of this paper is to explore the causes that determine the UK’s civilian research and development (R&D) expenditure to forecast its possible evolution in a post-Brexit scenario. Design/methodology/approach - The authors use the Johansen’s co-integration analysis for time series. Findings - The authors find a co-integration relationship between R&D and variables such as exports, military expenditure, patents, EU GDP per capita and USA GDP per capita. The authors also observed a stagnation in the foreseen R&D expenditure over the next five years. Research limitations/implications - The authors warned that the results can only be viewed as a glance into the understanding of the complex elements that undergird the UK’s civilian, scientific and technological policy-making. But the authors see them as an interesting starting point for scrutinizing current shortcomings in policy-making, while providing clues for corrective action that would otherwise lead the UK to a structural crisis in its economic performance. Originality/value - This study constitutes a first attempt to account for the loss of the UK’s innovative influence all over the world.

Keywords: UK; Time-series models; VAR; Co-integration; Research and development (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jespps:jes-06-2017-0166

DOI: 10.1108/JES-06-2017-0166

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