Importance of R&D expenditure for economic growth in selected CEE countries

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dc.contributor.author Szarowská, Irena
dc.contributor.other Ekonomická fakulta cs
dc.date.accessioned 2018-12-06
dc.date.accessioned 2018-12-17T08:44:44Z
dc.date.available 2018-12-17T08:44:44Z
dc.identifier.issn 1212-3609
dc.identifier.uri https://dspace.tul.cz/handle/15240/124749
dc.description.abstract The goal of the article is to quantify the effect of R&D expenditure on economic growth in selected Central and Eastern European countries. From a methodological perspective, the research is based on Dumitrescu and Hurlin causality and the dynamic panel regression methodology, based on adapted growth model. The empirical evidence is performed on unbalanced annual panel data of eight selected countries (Bulgaria, Czech Republic, Hungary, Latvia, Poland, Romania, Slovak Republic and Slovenia), during the period 1995-2016. The research confirms that there is a trend to combine direct and indirect public funding instruments. Because of limited financial resources, indirect support has become more important in recent years. Cash grants and tax deduction are the tools most often used for support and funding of R&D in the selected CEE countries. A dynamic panel analysis with fixed effects confirms a positive and statistically significant impact of R&D expenditure on economic growth. Government R&D expenditure is reported to be a key driver for economic performance followed by business R&D expenditure, a higher share of persons with tertiary education and/or employed in science and technology and country openness. On the contrary, investment and higher education R&D expenditure were found to have a positive but statistically insignificant impact. Hence, special care of policymakers should be given to investment mix. It is decisive to direct and support investment to growth-enhancing areas (e.g. infrastructure and communication, R&D, education and health care) and to improve the ratio between current and capital investment. Attention should also focus on higher education R&D support, and future development must be concentrate on its cooperation with business sector especially in the area of applied research. Finally, a crisis is reported to have a negative and statistically significant impact on economic growth. en
dc.format text
dc.format.extent 17 stran cs
dc.language.iso en
dc.publisher Technická Univerzita v Liberci cs
dc.publisher Technical university of Liberec, Czech Republic en
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dc.relation.ispartof Economics and Management en
dc.rights CC BY-NC
dc.subject research and development en
dc.subject economic growth en
dc.subject public expenditure en
dc.subject Dumitrescu and Hurlin causality en
dc.subject dynamic panel regression en
dc.subject.classification O38
dc.subject.classification O47
dc.subject.classification H50
dc.subject.classification C33
dc.title Importance of R&D expenditure for economic growth in selected CEE countries en
dc.type Article en
dc.publisher.abbreviation TUL
dc.relation.isrefereed true
dc.identifier.doi 10.15240/tul/001/2018-4-008
dc.identifier.eissn 2336-5604
local.relation.volume 21
local.relation.issue 4
local.relation.abbreviation E+M cs
local.relation.abbreviation E&M en
local.faculty Faculty of Economics
local.citation.spage 108
local.citation.epage 124
local.access open
local.fulltext yes
local.filename EM_4_2018_08
dc.identifier.orcid 0000-0002-5197-6455 Szarowská, Irena


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