IMPACT OF R&D INVESTMENT ON ECONOMIC GROWTH OF THE CZECH REPUBLIC ? A RECURSIVELY DYNAMIC CGE APPROACH

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F12%3A56561" target="_blank" >RIV/60460709:41110/12:56561 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

čeština

Original language name

IMPACT OF R&D INVESTMENT ON ECONOMIC GROWTH OF THE CZECH REPUBLIC ? A RECURSIVELY DYNAMIC CGE APPROACH

Original language description

The paper investigates how results obtained with standard CGE models can be improved by incorporating the effects of R&D activity in a recursively-dynamic CGE model built for the economy of the Czech Republic. The main objective of the paper is to quantify the impact of R&D activity on the long-term economic growth of the Czech Republic within the recursively dynamic CGE framework. The effect of R&D investment is modelled via the accumulation of knowledge that is treated as a specifi c production factor. The main fi ndings show that knowledge accumulation can contribute to higher economic growth, but the impact of the dynamisation in the CGE model is very low. However, in terms of structural changes in the economy, the omission of knowledge capitalization might underestimate the tertiary sector in the longer run. The paper also investigates the effi ciency of R&D investment and concludes that in the longer run, investment in capital goods is more effi cient in achieving higher economic

Czech name

IMPACT OF R&D INVESTMENT ON ECONOMIC GROWTH OF THE CZECH REPUBLIC ? A RECURSIVELY DYNAMIC CGE APPROACH

Czech description

The paper investigates how results obtained with standard CGE models can be improved by incorporating the effects of R&D activity in a recursively-dynamic CGE model built for the economy of the Czech Republic. The main objective of the paper is to quantify the impact of R&D activity on the long-term economic growth of the Czech Republic within the recursively dynamic CGE framework. The effect of R&D investment is modelled via the accumulation of knowledge that is treated as a specifi c production factor. The main fi ndings show that knowledge accumulation can contribute to higher economic growth, but the impact of the dynamisation in the CGE model is very low. However, in terms of structural changes in the economy, the omission of knowledge capitalization might underestimate the tertiary sector in the longer run. The paper also investigates the effi ciency of R&D investment and concludes that in the longer run, investment in capital goods is more effi cient in achieving higher economic

Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

AH - Economics

OECD FORD branch

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Project

<a href="/en/project/GPP402%2F11%2FP678" target="_blank" >GPP402/11/P678: Evaluation of Research and Development Effects on the Economic Growth of the Czech Republic with the Use of a Computable General Equilibrium Model</a><br>

Continuities

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year

2012

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Prague Economic Papers

ISSN

1210-0455

e-ISSN

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Volume of the periodical

N

Issue of the periodical within the volume

4

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

22

Pages from-to

412-433

UT code for WoS article

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EID of the result in the Scopus database

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