The Contribution of Research and Development Investments by Sectors to GDP growth
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Takashi Obinata: The University of Tokyo, Graduate School of Economics
No CARF-J-105, CARF J-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo
This Paper investigates the relationship between the growth in research and development investments (R&Ds) and GDP growth, focusing on the sector of execution. By the vector error correction model (VECM), the result shows that R&Ds by business enterprises do not contribute to GDP growth in Japan. However, the growth in R&Ds by universities gives significant positive effects to both GDP growth and the growth in R&Ds of business enterprises sector. According to the U.S. data, the opposite results are observed. While R&Ds by business enterprises contribute to GDP growth, those of universities have no effects on both GDP growth and the R&Ds by business enterprises. Another Estimation by a Structural Equation Model (SEM) gives the robust results, showing that the growth in R&Ds by universities contributes to GDP growth in Japan.
Pages: 60 pages
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Persistent link: https://EconPapers.repec.org/RePEc:cfi:jseres:cj105
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