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Total Factor Productivity and Growth Potential: A Macro-Perspective Analysis on R&D Investment in OECD Countries (in Korean)

Author

Listed:
  • Joonkyung Ha

    (Division of Economics, Hanyang University)

  • Eunseok Lee

    (Industry Analysis Team, Research Department, The Bank of Korea)

Abstract

This paper analyzes the determinants of R&D in OECD countries. Unlike existing macro-perspective works, this paper views national R&D as an endogenous variable that is affected by strategic variables such as government support, networks, industry structure, and innovation environment. Panel analyses show that R&D is positively affected by government support, technological cooperation among firms and triple helix, and negatively affected by industry concentration in GDP, and real interest rates. These relationships turn out to be stronger in high-R&D-intensity countries. As Korea belongs to this group, it needs to improve both quantity and quality of R&D by strengthening networks among firms and triple helix, and promoting industry competition and diversity as well as government support.

Suggested Citation

  • Joonkyung Ha & Eunseok Lee, 2013. "Total Factor Productivity and Growth Potential: A Macro-Perspective Analysis on R&D Investment in OECD Countries (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 19(2), pages 25-57, June.
    • Handle: RePEc:bok:journl:v:19:y:2013:i:2:p:25-57
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    More about this item

    Keywords

    Total Factor Productivity; Growth Potential; R&D; Technological Innovation; Economic Growth;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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