Importance of RandD Expenditure for Economic Growth in Selected CEE Countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F18%3A00011106" target="_blank" >RIV/47813059:19520/18:00011106 - isvavai.cz</a>

Výsledek na webu

<a href="https://dx.doi.org/10.15240/tul/001/2018-4-008" target="_blank" >https://dx.doi.org/10.15240/tul/001/2018-4-008</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.15240/tul/001/2018-4-008" target="_blank" >10.15240/tul/001/2018-4-008</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Importance of RandD Expenditure for Economic Growth in Selected CEE Countries

Popis výsledku v původním jazyce

The goal of the article is to quantify the effect of RandD expenditure on economic growth in selected Central and Eastern European countries. From a methodological perspective, the research is based on Dumitrescu and Hurlin causality and the dynamic panel regression methodology, based on adapted growth model. The empirical evidence is performed on unbalanced annual panel data of eight selected countries (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Romania, Slovak Republic and Slovenia), during the period 1995-2016. The research confirms that there is a trend to combine direct and indirect public funding instruments. Because of limited financial resources, indirect support has become more important in recent years. Cash grants and tax deduction are the tools most often used for support and funding of RandD in the selected CEE countries. A dynamic panel analysis with fixed effects confirms a positive and statistically significant impact of RandD expenditure on economic growth. Gov ernment RandD expenditure is reported to be a key driver for economic performance followed by business RandD expenditure, a higher share of persons with tertiary education and/or employed in science and technology and country openness. On the contrary, investment and higher education RandD expenditure were found to have a positive but statistically insignificant impact. Hence, special care of policymakers should be given to investment mix. It is decisive to direct and support investment to growth-enhancing areas (e.g. infrastructure and communication, RandD, education and health care) and to improve the ratio between current and capital investment. Attention should also focus on higher education RandD support, and future development must be concentrate on its cooperation with business sector especially in the area of applied research. Finally, a crisis is reported to have a negative and statistically significant impact on economic growth.

Název v anglickém jazyce

Importance of RandD Expenditure for Economic Growth in Selected CEE Countries

Popis výsledku anglicky

The goal of the article is to quantify the effect of RandD expenditure on economic growth in selected Central and Eastern European countries. From a methodological perspective, the research is based on Dumitrescu and Hurlin causality and the dynamic panel regression methodology, based on adapted growth model. The empirical evidence is performed on unbalanced annual panel data of eight selected countries (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Romania, Slovak Republic and Slovenia), during the period 1995-2016. The research confirms that there is a trend to combine direct and indirect public funding instruments. Because of limited financial resources, indirect support has become more important in recent years. Cash grants and tax deduction are the tools most often used for support and funding of RandD in the selected CEE countries. A dynamic panel analysis with fixed effects confirms a positive and statistically significant impact of RandD expenditure on economic growth. Gov ernment RandD expenditure is reported to be a key driver for economic performance followed by business RandD expenditure, a higher share of persons with tertiary education and/or employed in science and technology and country openness. On the contrary, investment and higher education RandD expenditure were found to have a positive but statistically insignificant impact. Hence, special care of policymakers should be given to investment mix. It is decisive to direct and support investment to growth-enhancing areas (e.g. infrastructure and communication, RandD, education and health care) and to improve the ratio between current and capital investment. Attention should also focus on higher education RandD support, and future development must be concentrate on its cooperation with business sector especially in the area of applied research. Finally, a crisis is reported to have a negative and statistically significant impact on economic growth.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název periodika

E @ M EKONOMIE A MANAGEMENT

ISSN

1212-3609

e-ISSN

—

Svazek periodika

21

Číslo periodika v rámci svazku

4

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

17

Strana od-do

108-124

Kód UT WoS článku

000453579100008

EID výsledku v databázi Scopus

2-s2.0-85058231760