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Study Of The Relationship Between Economic Growth, Volatility And Innovation For The Eu-27 And Ceec Countries

Author

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  • Ovidiu Solomon

    (Romanian – American University, Bucharest)

  • Judita Samuel

    (Romanian – American University, Bucharest)

  • Adam Altăr – Samuel

    (Romanian – American University, Bucharest)

Abstract

The present study applies, along general lines, the methodology used in Ramey&Ramey (1995), and Kroft, Lloyd-Ellis (2002), respectively, to analyze the dependencies between growth, volatility and innovation in the case of the EU-27 and CEEC (new member states from Central and Eastern Europe) countries, respectively. Unlike the above-mentioned papers, which use human capital as proxy for innovation, we use as indicator of innovation the Summary Innovation Index(SII), proposed by the European Innovation Scoreboard (EIS). Using the EVIEWS econometric software, we estimate regressions of the GDP growth rate on its total volatility, as well as on its partial volatilities, split with respect to the phases of the economic cycle. We also estimate regressions of the innovation rate on the GDP growth rate volatilities, as well as regressions of the GDP growth rate on the rate of innovation and the split volatility of the GDP growth rate. We find positive dependencies of the GDP growth rate on its own volatility, as well as on the innovation rate. The sources of the data are EUROSTAT, the National Statistical Institute of Romania (INS), and the European Innovation Scoreboard.

Suggested Citation

  • Ovidiu Solomon & Judita Samuel & Adam Altăr – Samuel, 2011. "Study Of The Relationship Between Economic Growth, Volatility And Innovation For The Eu-27 And Ceec Countries," Romanian Economic Business Review, Romanian-American University, vol. 5(1), pages 82-90, May.
    • Handle: RePEc:rau:journl:v:5:y:2011:i:1:p:82-90
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    File URL: http://www.rebe.rau.ro/RePEc/rau/jisomg/SP11/JISOM-SP11-A8.pdf
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    Citations

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    Cited by:

    1. Yaya KY & Francois Joseph Cabral, 2017. "Innovation and Volatility of the GDP Growth Rate: Case of the Economies of Sub-Saharan Africa," Journal of African Development, African Finance and Economic Association (AFEA), vol. 19(1), pages 88-112.
    2. Maha Mohamed Alsebai Mohamed & Pingfeng Liu & Guihua Nie, 2022. "Causality between Technological Innovation and Economic Growth: Evidence from the Economies of Developing Countries," Sustainability, MDPI, vol. 14(6), pages 1-39, March.

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    Keywords

    growth; volatility; innovation;
    All these keywords.

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