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Investigating the Relation between Technology and Economic Growth with AK Model: An Application SWAMY?s Random Coefficient Model (RCM)

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  • Aynur Pala

    (Istanbul Okan University)

Abstract

This study aims to investigate effect of technology on economic growth and 2008 crises on this relation in thirty-OECD countries using static panel data model and random coefficient model (RCM) with AK model. We applied cross-sectional dependence test, panel unit-root test and cointegration test. As a result of static panel regression model with different OECD sub-sample for both pre and post-2008 period, there is negative significant effect of Business Enterprise Expenditure on R&D (BERD) on economic growth in OECD countries which has high R&D expenditure to GDP EU countries for the post-2008. As a result of RCM, in Denmark, France, and Germany, it was observed decreasing technology effect on economic growth after 2008 crisis.

Suggested Citation

  • Aynur Pala, 2018. "Investigating the Relation between Technology and Economic Growth with AK Model: An Application SWAMY?s Random Coefficient Model (RCM)," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 7(2), pages 107-118, November.
    • Handle: RePEc:sek:jijoes:v:7:y:2018:i:2:p:107-118
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    More about this item

    Keywords

    Technology; R&D expenditure; economic growth; panel regression model; random coefficient model.;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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