HIGH-TECHNOLOGY EXPORTS AND ECONOMIC GROWTH: PANEL DATA ANALYSIS FOR SELECTED OECD COUNTRIES 1 (original) (raw)
Related papers
2018
This paper uses a panel cointegration model to analyse the long-term relationship between high-technology exports and economic growth in selected OECD countries in the period from 1989 to 2015. We used high-technology exports (current US$) as the dependent variable and the GDP growth rate, FDI (foreign direct investment), application of patents by residents, and gross capital formation % of GDP as explanatory variables. The export structure of countries is moving increasingly towards technology-intensive products such as ICT (information and communications technology), aerospace, computing and office equipment, electronics, chemical products, pharmaceuticals, and electrical machinery. The export structure has played an important role in the economic growth theories of many countries since the 1960s, as export growth has been associated with faster productivity and GDP growth. We aimed to find out the relationship between high-technology exports and the explanatory variables which we listed for 14 selected OECD countries (
The Determinants of High-Technology Exports: A Panel Data Approach for Selected Oecd Countries
2017
This paper uses a panel data approach to analyze the determinants of hightechnology exports in selected OECD countries between the years 1989 to 2015. We used High-technology exports (current US$) as dependent variable and FDI (foreign direct investment), patent application of residents, GDP growth rate and Gross capital formation % of GDP as explanatory variables. The export structure of countries is increasingly moving towards technologyintensive products such as ICT (information, communication technology), aerospace, computing and office equipment, electronic, chemical products, pharmaceutical electrical machinery. The Export structure had an important role in the economic growth theories of many countries since the 1960s, as export growth has been associated with faster productivity and GDP growth. We aimed to find out the relationship between the high-technology exports and explanatory variables which we listed for selected 14 OECD countries (Canada, Denmark Finland, France, Ge...
HIGH-TECHNOLOGY PRODUCTS EXPORT AND ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR EU-15 COUNTRIES HIGH-TECHONOLOGY PRODUCTS EXPORT AND ECONOMIC GROWTH: A PANEL DATA ANALYSIS FOR EU-15 COUNTRIES, 2019
This study investigates the relationship between high-tech product exports and economic growth in EU-15 countries between 1998-2017. The dataset is composed of gross domestic product (GDP), high-technology exports (HT), labor force (LF), and gross fixed capital formation (PC). Dumitrescu & Hurlin Causality, Westerlund Cointegration and MG Estimator employed for the analyses. Analysis of short-term outcomes revealed a bidirectional causal relationship between (a) HT and GDP, (b) LF and GDP, (c) PC and GDP, (d) LF and HT, (e) LF and PC, and (f) a unidirectional causality from HT to PC. Moreover, (i) a 1% raise in HT causes a 0.49 % increase in GDP, (ii) a 1% raise in LF causes a 0.22 % increase in GDP, (iii) a 1% raise in PC causes a 0.48 % increase in GDP. The long-term causal analyses shows that (i) a 1% raise in HT causes a 0.34 % increase in GDP, (ii)a 1% raise in LF causes a 7.4 % increase in GDP, (iii) a 1% raise in PC causes a 0.33% increase in GDP. High-tech product exports have a significant impact not only on economic growth, but also on gross fix capital formation and employment.
The Determinants of High Technology Exports Volume: A Panel Data Analysis of EU-15 Countries
International Journal of Management, Economics and Social Sciences, 2013
High technology exports (HTX) are considered as an important factor for sustainable economic growth for a country. One of the most important prerequisite to high tech manufacturing and export is technology ownership. Technology ownership can be gained through technology transfer by the way of inward foreign direct investments (FDI). Although many scholars emphasize foreign direct investments as a cheap and easy way of technology transfer, the role of human capital of the host country is considered as an important factor in this process. Another important aspect is economic freedom level (EFL) of the host country which is associated with FDI attraction of the host country. Here, we hypothesize that HTX are a longitudinal function of a country's level of inward FDI, EFL and human development level (HDL). We examine the associations among above mentioned variables using a panel data of EU-15 countries for the period 1995-2010 and find that EFL, HDL and FDI aggregately have a statistically significant positive impact on HTX by conducting panel cointegration method. Additionally, we employ panel causality test and see that there is long-run Granger causality running from FDI, HDL and EFL to HTX, and similarly from HTX, FDI and EFL to HDL.
Exports and growth: Granger causality analysis on OECD countries with a panel data approach
Economic Modelling, 2006
This paper uses a panel cointegration model to analyse the long-term relationship between high-technology exports and economic growth in selected OECD countries in the period from 1989 to 2015. We used high-technology exports (current US$) as the dependent variable and the GDP growth rate, FDI (foreign direct investment), application of patents by residents, and gross capital formation % of GDP as explanatory variables. The export structure of countries is moving increasingly towards technology-intensive products such as ICT (information and communications technology), aerospace, computing and office equipment, electronics, chemical products, pharmaceuticals, and electrical machinery. The export structure has played an important role in the economic growth theories of many countries since the 1960s, as export growth has been associated with faster productivity and GDP growth. We aimed to find out the relationship between high-technology exports and the explanatory variables which we listed for 14 selected OECD countries (
Panel Estimation of High-technology Export Determinants: Evidence from Fast-Growing Countries
Eurasian Studies in Business and Economics
This study is including fast-growing emerging countries (Brazil, Russia, India, China, South Africa, and Turkey) and using the panel data analysis methods for high-technology exports of determinants 1996-2017 period. We chased some variables for our analyses, they are as follows: high-technology export is dependent variable, and economic growth, foreign direct investment, gross capital formation, patent, and trade openness were used as independent variables. After the stability of the variables was tested with first-generation unit root tests, cointegration tests were used to investigate the long-term relationship between the variables. As a result of the study, long-term relationship was determined between the variables discussed. After determining the cointegration relationship, the coefficients were estimated with the FMOLS (Full Modified Ordinary Least Square) estimator. The effects of economic growth, foreign direct investments, patents, and trade deficit on hightechnology exports were found to be significant. As a result, product exports should be increased with the support of high technological product exports.
Uluslararası Avrasya ekonomileri konferansı, 2016
The importance of technology and research and development (R&D) on economic development through international trade has been discussed in many studies. However, the empirical studies focusing on the role of high technology exports has been limited. The study aims at filling this gap by evaluating the relationship between high technology exports and GDP per capita levels with structural unit root tests and cointegration methodologies for Turkey and South Korea for the 1989-2014 period. The following hypothesis is evaluated: by increasing high technology manufactured goods' exports, countries could increase their GDP per capita which also requires increased R&D that translates itself as high technology manufactured exports. The empirical methodology is as follows: both GDP per capita and high-tech exports variables are tested with traditional ADF, PP unit root and KPSS stationarity tests. The series are further evaluated with Zivot-Andrews single break and Lee-Strazicich two break unit root tests. The structural break tests are necessary; it is well-known that structural breaks lead to biased results in the traditional unit root and additionally in the cointegration tests. Lastly, both variables are tested for cointegration with Engle-Granger and Johansen tests by incorporating the break dates as exogenous dummy variables. The estimated models are further checked for parameter instability with CUSUM type tests. The results obtained for Turkey and South Korea are slightly different: i. both variables are cointegrated for both countries; ii. For South Korea, the positive impact of high-tech exports on GDP cannot be rejected in the long and short run; ii. This conclusion cannot be obtained for Turkey, iii. the parameter estimates for Turkey hint a limited positive effect of high tech exports in the short-run only. The results suggest that, in the future, Turkey should increase the investments in human capital and R&D directed to high tech exports to which could accelerate the economic growth.
Determinants of High-tech Exports: New Evidence from OECD Countries
Journal of the Knowledge Economy
High export capacity is a key element for sustained long-term economic growth. To achieve this goal, the technological sophistication of exports plays a key role. To enhance exports with a high level of technological sophistication, it is critical to target key drivers of high-tech exports. Hence, this article studies the determinants of international trade flows of manufactures according to their technological content in the case of OECD countries. Given a panel of 35 countries and 15 years (2004 to 2018), panel data estimation techniques are used in the analysis. In addition, two alternative measures have been considered to measure the importance of high-technology content manufacturing exports: High-tech manufacturing exports and high-tech manufacturing exports as a share of total employment. Results obtained show strong evidence of the relevance of variables such as gross fixed capital formation on total employment, the land area per capita, the percentage of university graduate...
The importance of technology and research and development (R&D) on economic development through international trade has been discussed in many studies. However, the empirical studies focusing on the role of high technology exports has been limited. The study aims at filling this gap by evaluating the relationship between high technology exports and GDP per capita levels with structural unit root tests and cointegration methodologies for Turkey and South Korea for the 1989-2014 period. The following hypothesis is evaluated: by increasing high technology manufactured goods’ exports, countries could increase their GDP per capita which also requires increased R&D that translates itself as high technology manufactured exports. The empirical methodology is as follows: both GDP per capita and high-tech exports variables are tested with traditional ADF, PP unit root and KPSS stationarity tests. The series are further evaluated with Zivot-Andrews single break and Lee-Strazicich two break unit root tests. The structural break tests are necessary; it is well-known that structural breaks lead to biased results in the traditional unit root and additionally in the cointegration tests. Lastly, both variables are tested for cointegration with Engle-Granger and Johansen tests by incorporating the break dates as exogenous dummy variables. The estimated models are further checked for parameter instability with CUSUM type tests. The results obtained for Turkey and South Korea are slightly different: i. both variables are cointegrated for both countries; ii. For South Korea, the positive impact of high-tech exports on GDP cannot be rejected in the long and short run; ii. This conclusion cannot be obtained for Turkey, iii. the parameter estimates for Turkey hint a limited positive effect of high tech exports in the short-run only. The results suggest that, in the future, Turkey should increase the investments in human capital and R&D directed to high tech exports to which could accelerate the economic growth.
Economic Computation and Economic Cybernetics Studies and Research, Issue 1/2022; Vol. 56, 2022
The paper aims at the investigation of the economic growth and R&D thresholds in addition to the evaluation of nonlinear effects of R&D, patents and high technology product exports on economic growth. Within this respective, a panel consisting of 35 OECD member and other countries is analysed with dynamic panel threshold regressions and bootstrap threshold testing methodologies for the 1992-2016 period. The results reveal significant threshold effects of the economic growth rates closely followed by the threshold effects dominated by the share of R&D in the GDP. The empirical findings have significant contributions: i. the impacts of high technology exports are asymmetric and regimedependent, in addition, positive in both regimes, ii. R&D expenditures have positive effects not only in the high R&D/GDP but also in relatively low R&D/GDP and growth regimes, iii. the R&D in GDP threshold parameter is estimated as close to 0.7% and is compared to the literature. The overall findings coincide with the endogenous growth literature, but with an interesting distinction regarding the positive impacts even at low R&D regimes. The policy suggestions favor the encouragement of R&D and its positive effects on economic growth even for countries that cannot achieve a theoretical 3% R&D in GDP threshold.