Naslov
RELATIONSHIP BETWEEN RESEARCH AND DEVELOPMENT AND ECONOMIC GROWTH IN THE EU COUNTRIES

Autori
Bilas, Vlatka ; Bošnjak, Mile ; Čizmić, Tomislav

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Book of Proceedings / Ilko Vrankic, Daniel Tomic - Online : VADEA ; Sveučilište Sjever, 2016, 223-230

Skup
13 th International Scientific Conference on Economic and Social Development

Mjesto i datum
Barcelona, Španjolska, 14.04.2016. - 16.04.2016

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Croatia; EU; research and development

Sažetak
The issues of economic growth and development are constantly re-evaluated, especially after occurrence and severe consequences of the economic and financial crisis of 2008-2009. The world trends are changing and market is more competitive as ever. These changes are visible in several ways: increased competition from emerging economies, economic structure of countries is changing concerning the importance of manufacturing and services sectors, strategies of positioning in global value chains, geopolitical centers of power, as well as policy initiatives to foster competitiveness and economic growth and development. This paper empirically tested the Granger causality between R&D expenditure and gross domestic product growth in the period 2003-2013. We defined two variables: (1) gross domestic expenditure on research and development as percentage of gross domestic product and (2) gross domestic product (GDP) per capita annual growth rates on the sample of European Union countries. Unidirectional causality from GDP per capita annual growth rate to gross domestic expenditure on research and development with lag two has been confirmed at 5% significance level. Following Granger causality test results in our model we took GDP per capita annual growth rate as an independent variable and R&D expenditures as the dependent one. Afterword we used dynamic panel data and panel generalized method of moments as an estimator. Gross domestic expenditure on research and development on average depends on gross domestic expenditure on research and development previous year with coefficient 0.77 and on annual GDP per capita growth rate with coefficient -0.0073. Even though the sample countries are heterogeneous in terms of GDP per capita level statistically significant effects has been confirmed. The empirical results confirm that most developed European Union countries invest less, measured in relationship to the GDP per capita growth rate, but invest more in absolute terms. It is obvious that the European Union as an integration of rather heterogeneous countries faces many challenges with maintaining and strengthening its position on the world market. Also, the paper gives some overviews of fostering these activities in Croatia.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

Napomena
ProQuest, EconBIZ and CPCI (WoS)

POVEZANOST RADA