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Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

Elena Toader (), Bogdan Firtescu (), Angela Roman () and Sorin Gabriel Anton ()
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Elena Toader: Faculty of Medicine, Grigore T. Popa University of Medicine and Pharmacy of Iasi, 700511 Iasi, Romania
Sorin Gabriel Anton: Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, 700505 Iasi, Romania

Sustainability, 2018, vol. 10, issue 10, 1-22

Abstract: The accelerated development of information and communication technology (ICT) over the past two decades has encouraged an increasing number of researchers to examine and measure the impact of this technology on economic growth. Our study aims to identify and evaluate the effect of using ICT infrastructure on economic growth in European Union (EU) countries for a period of 18 years (2000–2017). Using panel-data estimation techniques, we investigate empirically how various indicators of ICT infrastructure affect economic growth, proxied in our study by GDP per capita. Within the estimates, we have included some macroeconomic control variables. Our results indicate a positive and strongly effect of using ICT infrastructure on economic growth in the EU member states, but the magnitude of the effect differs depending on the type of technology examined. Regarding the impact of macroeconomic factors, our estimates indicate that inflation rate, unemployment rate, the degree of trade openness, government expenditures, and foreign direct investments would significantly affect GDP per capita at EU level. The findings are broadly similar to the theoretical predictions, but also to the findings of some relevant empirical studies. Our research reveals that ICT infrastructure, along with other macroeconomic factors, is an important driver of economic growth in EU countries.

Keywords: ICT infrastructure; economic growth; macroeconomic variables; EU countries; panel data (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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