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Innovation and Economic Growth in European Union. Panel Data Analysis

Andrzej Kacprzyk () and Wirginia Doryń

No 3/2014, Lodz Economics Working Papers from University of Lodz, Faculty of Economics and Sociology

Abstract: This study examines the relationship between technological innovation and economic growth in European Union countries over the period 1993-2011. Using Blundell and Bond (1998) generalized method of the moments estimation technique, the study provides evidence that R&D expenditures and patent activities differ in terms of fostering economic growth between EU-15 and EU-13 countries. The main results indicate that there is no significant impact of R&D expenditures on the economic growth and that patent activities determine economic growth in EU-13 subsample and EU-28 as a whole. The study suggests that there may be no one particular recipe for growth for all EU countries and put into question whether setting common numerical targets in EU’s innovation policy makes economic sense

Keywords: Economic growth; innovation; R&D; patents; panel data (search for similar items in EconPapers)
JEL-codes: O30 O33 O47 (search for similar items in EconPapers)
Date: 2014-10, Revised 2015-06
New Economics Papers: this item is included in nep-cse, nep-eur, nep-fdg, nep-gro, nep-ino, nep-ipr, nep-pr~ and nep-sbm
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