Innovation and output in OECD countries: implications upon emerging economies

Zoltan Bakucs and Imre Fertő

International Journal of Innovation and Learning, 2011, vol. 9, issue 4, 388-400

Abstract: The paper analyses the long run relationship between research and development expenditure and GDP in the OECD and emerging countries between 1991 and 2000 using panel cointegration methods. Our results suggest the long-run causality running from research and development investment towards GDP. Estimated elasticities show the increased importance of R&D investment, 1% increase in innovation investments generates on average a 0.58% increase of the output. In addition, we show that unit research and development investment increase generates higher returns in emerging than in developed economies.

Keywords: R&D; research and development expenditure; gross domestic product; GDP; emerging economies; panel cointegration; economic output; OECD; Organisation for Economic Co-operation and Development; emerging countries; long-run causality; estimated elasticities; innovation investments; developed economies; learning. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijilea:v:9:y:2011:i:4:p:388-400

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