Hence, on the ground of these results, it can be argued that it is important for the countries aiming to achieve a sustainable and high rate of growth to allocate more resources for R&D activities and establish an efficient patent system.
📌 3 Key Takeaways
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Objective & Hypothesis:The causality relationship of economic growth with R&D expenditures and patent applications for the 23 OECD member countries is investigated in this study by utilising from the data belonging the period of 1996-2011.
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Key Findings & Data:To that aim, GMM (Generalized Method of Moments) approach developed by Arellano-Bond (1991) and Wald test are used.
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Conclusion & Impact:Hence, on the ground of these results, it can be argued that it is important for the countries aiming to achieve a sustainable and high rate of growth to allocate more resources for R&D activities and establish an efficient patent system.
The causality relationship of economic growth with R&D expenditures and patent applications for the 23 OECD member countries is investigated in this study by utilising from the data belonging the period of 1996-2011. To that aim, GMM (Generalized Method of Moments) approach developed by Arellano-Bond (1991) and Wald test are used. Panel causality estimation results put forth a two-way and positive causality between R&D expenditures and economic growth, and a one-way and positive causality from patent applications to economic growth. Hence, on the ground of these results, it can be argued that it is important for the countries aiming to achieve a sustainable and high rate of growth to allocate more resources for R&D activities and establish an efficient patent system.
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