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Global Technology Cycles and Local Economic Performance

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Abstract

This paper studies the global synchronicity of technology and its impact on the economy. We employ dynamic factor analysis to decompose patent data in different digital technologies for various countries into global and country-speciffc factors. Our findings confirm the existence of global and local technology cycles. We further find a significant positive correlation between the estimated global technology index and a country's economic performance. This positive effect is stronger in countries with broad tech-nological exposure. However, a concentration in only few dominant techno-logical fields seems to reduce the positive impact of the global technology cycle on a country's economic performance.

Suggested Citation

  • Sebastian Heinrich & Samad Sarferaz & Martin Wörter, 2023. "Global Technology Cycles and Local Economic Performance," KOF Working papers 22-511, KOF Swiss Economic Institute, ETH Zurich.
    • Handle: RePEc:kof:wpskof:22-511
    DOI: 10.3929/ethz-b-000611531
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    More about this item

    Keywords

    innovation index; dynamic factor model; patent data; produc- tivity growth; knowledge diffusion; digitalization; globalization;
    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
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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