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Explaining Knowledge-Based Economic Growth in the World Economy

Panagiotis Artelaris, Paschalis Arvanitidis and George Petrakos
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Panagiotis Artelaris: University of Thessaly
George Petrakos: University of Thessaly

Chapter Chapter 3 in Innovation, Growth and Competitiveness, 2011, pp 41-59 from Springer

Abstract: Abstract Building upon authors’ previous work, the study develops econometric models in order to specify the determinants of knowledge-based economic growth at the international level. In doing so, it differs from other studies in the following ways: it makes use of a new composite indicator of growth which accounts for knowledge capacity, it runs WLS regressions, and it explores the existence of nonlinear relations between determinants and growth. The study confirms previous findings that variables such as investment and FDI are important determinants of growth but adds that geography, agglomerations and institutions play a vital role in economic performance. Furthermore, it indicates that the effect of initial economic conditions, size of government, openness to trade and institutions on growth is nonlinear: up to a critical level, these factors have a positive impact, whereas beyond that the effect diminishes and may become negative. These findings have important implications for both theory and policy.

Keywords: Human Capital; Foreign Direct Investment; Economic Performance; Composite Indicator; Weighted Little Square (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-3-642-14965-8_3

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