Assessment of the impact of investment in research and development and the number of researchers on economic growth

Authors

DOI:

https://doi.org/10.46661/revmetodoscuanteconempresa.5479

Keywords:

investment in research and development, number of researchers, economic growth, Granger causality, panel data

Abstract

This research analyzes the impact of investment in Research and Development (R&D) and the number of researchers on the economic growth of some of the economies of the Organization for Economic Cooperation and Development (OECD), for the period 1996-2016. A causality analysis in the sense of Granger is performed and a panel data model is estimated. Data are obtained from the World Bank. There is empirical evidence of bidirectional causality between R&D and GDP per capita, but predominantly R&D Granger-causes GDP. Bidirectional causality is also found between the number of researchers and GDP per capita, but predominantly GDP Granger-causes the number of researchers. While the dynamic panel model of the MGM system in one stage shows that economic growth is positively affected by investment in R&D and the number of researchers. This work differs from others in the following aspects: 1) it considers a sample of 25 OECD countries in the period 1996-2016; 2) there is a greater availability of data, and 3) a dynamic panel data analysis is carried out that allows the use of a greater number of countries, variables and periods.

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Published

2023-06-01

How to Cite

Aali-Bujari , A. ., & Venegas-Martínez, F. (2023). Assessment of the impact of investment in research and development and the number of researchers on economic growth. Journal of Quantitative Methods for Economics and Business Administration, 35, 3–15. https://doi.org/10.46661/revmetodoscuanteconempresa.5479

Issue

Vol. 35 (2023)

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