This study is devoted to the empirical analysis by second generation panel data analysis of the effects of the R&D investment variables in different qualifications in OECD countries grouped as OECD-20 and OECD-9 based on the income levels of the economic growth for the period of 1996-2015. Within this context, the purpose of this study is to evaluate whether or not the economic growth performances of OECD-20 and OECD-9 countries have a sustainable structure that endogenizes the technological advancements and occurs by the increments in average factor productivity. At the end of the paper it is determined that all the R&D variables in different qualifications of the OECD-20 group have a higher income level in sample period and have positive and statistically significant effects on the economic growth. On the other hand, only the private sector, universities and the total R&D investments have positive and statistically significant effects on the economic growth of the OECD-9 group which has comparatively lower income level. However, it is specified that the size of the positive and statistically significant effects of the R&D investment variables in different qualifications is more than two times bigger in the OECD-20 group as opposed to the OECD-9 group. These results reveal that the economic performances of OECD-20 countries in the investigated period have a more substantial relation with the qualified and sustainable structure that endogenizes the technologic advancements and occurs by the increments in average factor productivity. All of this shows that the R&D investments also are substantially sufficient to change the long-term economic growth performances and income levels of the countries in OECD-20 and OECD-9 groups.
This article investigates the determinants of economic growth and also seeks to determine whether or not the impact of total factor productivity (TFP) changes with respect to the level of development for selected countries. In this manner, the present study examines the impact of gross fixed capital formation, employed labour and the TFP of G-7, G-12 and G-20 countries on real GDP per capita using second-generation panel data analyses over the period 1992–2014. The results reveal that TFP has a greater impact on economic growth than fixed capital formation and employed labour for all country groups. Furthermore, the impact of TFP on economic growth was found to be greater for developed countries than for emerging countries. JEL Classification: C21, C22, C23
Öz Eğitim ekonominin değişen gereksinimlerine uygun nitelikteki işgücünün, yaratıcı düşünce ve ileri tekniklerinin geliştirilmesine katkı sağlamaktadır. Bu yönüyle eğitim, ekonomik büyümenin sağlanabilmesi ve sürdürülebilmesi için gerekli olan mikro ve makro ekonomik temelleri hazırlamaktadır. Bu çalışmada, ekonomik açıdan düşük, orta ve yüksek gelirli olarak gruplandırılan ülkelerde eğitimin ekonomik büyüme üzerindeki uzun dönemli etkileri 1991-2011 dönemi için yeni nesil panel veri analizi kullanılarak incelenmiştir. Çalışma sonucunda, bütün ülke gruplarında örneklem döneminde eğitimin ekonomik büyümeye pozitif ve anlamlı bir katkı sağladığı belirlenmiştir. Bununla birlikte, çalışmada eğitimin ekonomik büyüme üzerindeki uzun dönemli ve pozitif yönlü etkisinin büyüklüğünün, ülke gruplarının gelir düzeyleriyle paralel bir şekilde arttığı tespit edilmiştir. Bu sonuçlar, inceleme döneminde ülkelerin düşük gelirli, düşükyüksek orta gelirli ve yüksek gelirli olarak refah seviyeleri açısından farklılaşmalarında nicelik ve nitelik boyutuyla eğitimin de önemli derecede etkin bir rol oynadığını ortaya koymaktadır.
This paper addresses the impact of fundamental (economic, political and geopolitical) uncertainties on GDP growth of the world’s largest 20 economies (W-20) using the Cobb-Douglas total production function within the scope of the second-generation panel data methodology for 1990–2016. The aim of the paper is to explore whether these uncertainties lead to a contractionary impact on growth as suggested by the economic theory. The estimation results revealed that indeed this was the case. Our results also indicate that the global uncertainties led the economic growth rates of the selected countries to perform below their exact potential since the 2008 global economic crisis and to fail to attain an expected recovery during the process.
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