Empirical analysis of the relationship between research, development, innovation, and economic growth in OECD countries
DOI:
https://doi.org/10.46661/rev.metodoscuant.econ.empresa.7900Keywords:
R&D Spending, Innovation, PatentsAbstract
Taking a sample of 24 OECD countries, using a cointegrated panel, empirical evidence is provided at group and individual level of the positive effect of spending on research, development and innovation on economic growth during the 2000-2019 period. Assuming that patents act as a proxy for innovation and using the ordinary least squares dynamic estimator, the existence of a long-term equilibrium relationship is corroborated by which, and in per capita terms, an increase of 1.0% in the stock of patents generates an increase in GDP of 0.52%. Similarly, an increase in R&D spending of 1.0% translates into GDP growth of 1.27%. Additionally, by implementing a Granger causality test for a panel, a positive and significant relationship is found between R&D spending and the stock of patents, patent stock and economic growth, and R&D spending and economic growth.
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