{"id":154069,"date":"2024-03-21T07:39:56","date_gmt":"2024-03-21T06:39:56","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/154069\/"},"modified":"2024-11-07T03:47:09","modified_gmt":"2024-11-07T02:47:09","slug":"wifo-white-paper-determinants-of-economic-growth-in-the-oecd-countries","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/154069\/","title":{"rendered":"WIFO White Paper: Determinants of Economic Growth in the OECD Countries"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-154069","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper provides new evidence for the determinants of long-term economic growth in OECD countries. In particular, we investigated the role of specialised R&amp;D activities (i.e., R&amp;D investment in the high-tech sector), human resources, R&amp;D expenditure by business as a percentage of GDP, high-technology exports, industry structure and the lagging growth rate as a measure of catch-up growth. To model the determinants, we use a dynamic panel data model estimated with a system GMM estimator. The data are taken from a panel of OECD countries for the period of 1970-2004, measured as five-year averages. To our knowledge this paper is the first to investigate whether the specialisation of R&amp;D activities (i.e., R&amp;D investment in the high-tech sector) has an additional effect on per-capita GDP. We found that the ratio of business enterprises&apos; R&amp;D expenditures to GDP, human resources measured as average years of education, and the share of high-tech exports are all significantly related to per-capita GDP in the long term. More importantly, we found that the share of R&amp;D investment in the high-tech sector has strong positive effects on per-capita GDP in the long term. The magnitude of the effect indicates the presence of substantial technological spillover effects. Furthermore, we found that the value added by technology-driven industries shows a significantly positive correlation to per-capita GDP. Finally, there is a high degree of persistence in per-capita GDP over time.","onlinedate":"2006-12-21 01:00:00","lang":"German","publication_series":"","publication_date":"20061201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":325820,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"79","monthly_report_pages":"861-879","monthly_report_pages_sort":"861","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3491],"collaboration":"","persons":[4397,3887],"persons_data":"[{\"personId\":4397,\"personName\":\"Martin Falk\",\"organisationNames\":[]},{\"personId\":3887,\"personName\":\"Fabian Unterlass\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v26.5) - 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