Determinants of High-tech Exports: New Evidence from OECD Countries (original) (raw)
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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...
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.
HIGH-TECHNOLOGY EXPORTS AND ECONOMIC GROWTH: PANEL DATA ANALYSIS FOR SELECTED OECD COUNTRIES 1
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 Analysis of Main Determinants of High Technology Exports: A Panel Data Analysis
2020
Tugba AKIN Asst. Prof. Aydin Adnan Menderes University Aydin Faculty of Economics Turkey tugba.akin@adu.edu.tr ORCID ID: 0000-00021132-388X ABSTRACT Export competitiveness is important in globalizing world. High technology exporter countries can increase their export volume and value more easily than the countries exporting primary goods because of high income elasticity in hightechnology products. In this context this study investigates the main determinants of high-technology exports by using a wide panel data set and a wide range of economic, political and institutional variables for 48 countries which cover %90 percent of total hightechnology/total manufactured export ratio. To this aim, panel ARDL methodology have been employed to examine the long run effect of indicators such as, schooling, per capita income, trade openness, foreign direct investments, domestic saving, political stability, reel effective exchange rate and patent applications for the period from 1980 to 2017. E...
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 (
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.
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.
Macro-Economic Determinants of High Technology Exports
European Journal of Business and Management Research, 2020
An evaluation of the outcome of research and development is intrinsic for building a long-term foundation for economic development. The high technology exports are one indicator that can access the outcome of research and development of the economy. This study employed the data of high tech exports of 15 developed and developing economies during 2007-2018. The fixed effect regression estimates were analysed upon, validation of which is enumerated by the Hausman test. Two significant findings that the study implicates are, first, the benefits of an outward-oriented policy that has fewer tariff burdens will result in the promotion of high-tech exports. Secondly, the study is intrigued by the role of financial market development, which in turn is export-oriented, thereby reducing the foreign exchange burden. The enhanced access to financial markets and increased depth has proven to be congenial for high tech exports.
The determinants of high technology product export in brict countries: An econometric approach
Selection and peer review under responsibility of Zehra Ozcinar, Ataturk Teacher Training Academy. Abstract The aim of this study is to investigate the relationship between R&D expenditures, patent applications, openness and high technology product export. For this purpose, using panel FMOLS and panel DOLS methods, we examined BRICT countries over the period of 2001-2011. According to the results, in the long run, R&D expenditures and openness have positive impacts on high technolgy product export. However, the coefficient of patent applications is not significant. In the light of these findings obtained from the analysis, we present some policy recommendations in the conclusion.
High tech export performance : which role for diversification ?
2007
In this paper we analyse the link between patterns of concentration/diversification of the export structure and patterns of exports of technologically advanced goods. The broad although controversial literature on the bilateral link between production (and export) diversification and growth provided the background for our analysis. According to Feenstra and Kee (2004) increases in export product variety improve country productivity and growth. Another argument often put forward is that diversification may favour growth by reducing the country's vulnerability to idiosyncratic sectoral shocks (Acemoglu and Zilibotti, 1997). However, there are also arguments in the opposite direction: productive specialization, and therefore an increase in production (export) concentration, are deemed to enhance sectoral productivity growth through learning by doing mechanisms. This productivity effect may be further enhanced by the exposure of firms to international competition (Weinhold and Rauch, 1997). Another research strand has investigated upon the reverse causation, i.e. upon the link between production concentration and growth, as measured by per capita income, showing a non monotonic pattern (Imbs and Wacziarg, 2003; Martincus and Estevadeordal, 2005; Faini, 2006). The relationship between diversification and growth of high technology exports, the object of this paper, is less investigated in the literature. The recent literature has mostly focused on the link between innovation and diversification. Klinger & Lederman (2006) provide evidence that the innovation performance of countries is consistently negatively correlated with their level of export diversification, i.e. we observe more innovation in lower income countries with less specialized export baskets. This is in line with the notion that higher income countries show relatively less frequency of innovation and are more specialised, and with Imbs and Wacziarg (2003) findings, whereby countries diversify up to a certain income level and then specialize again with higher incomes. However, in our opinion, the investigation of the impact of export diversification on high technology exports might carry to similar results. Change in exports of high tech goods may be positively affected by export diversification if export product variety improve the ability of firms to minimise the high risks associated to invest and to enter export market in productions characterised by higher barriers to entry and high sunk costs, as is mostly the case for productions in advanced sectors. On the other hand, an increase in the technology content of a product through way of increased competitiveness, leads to an increase in exports of the improved product. This in turn can contribute to a more balanced product mix, if this product was among those with relatively low shares in exports. To test these hypotheses, we carry out some econometric analysis on the relationship between high technology exports and export diversification (measured by the Hirschman-Herfindahl index of export concentration) using several additional control variables (macroeconomic stability, trade and exchange rate policy, domestic and foreign investment, human capital, governance) in a sample of developed and developing countries (84), over the period 1994-2003. As in the simplest empirical model of trade, the volume of high tech exports are modelled as a function of foreign demand and of price competitiveness, measured by exchange rate and trade regime, and following the new trade and endogenous growth theories (Krugman, 1983, 1989; Grossman and Helpman, 1991, 1995), factors other than price competitiveness such as the human capital as well as technological advances are also considered using as proxy fixed capital formation, TFP, human capital and R&D expenditure. We also look at survey data on the quality of institutions and on investment climate. These latter provide measures of factors that may ultimately feed into export performance such as money market regulations, tax and trade regimes, legal structures, regulatory framework and property rights. Equations are estimated using a sample of cross-section and time series data. We use the panel data econometric methodology. Tests of fixed and random effects are conducted to select the most adequate models. By the different estimations carried out we select a preferred specification from which we calculate potential high tech exports relative to observed for all the countries in the sample. We also focus in particular on a sub-samples of 14 countries from the MENA region whose high tech exports are vastly smaller than those from other subregions with similar populations and resource endowments. The structure of the paper is as follows. After a short introduction, a brief theoretical analysis of the main determinants of diversification, innovation and high tech exports is carried out in section 1. In section 2 we analyse the patterns of export structure providing a short description of the main trends and changes occurred in export concentration and in high tech exports over the 1980s and 1990s across the main regions of the world. Section 3 contains the econometric analysis through a discussion of main issues, methodology, results. A short conclusion follows.