Petreski, Goce and Lazarov, Darko (2015) The innovation capacity and economic growth: Empirical estimation for the CEE countries. Economic recovery in the post-crisis period. pp. 53-63. ISSN 978-608-212-052-2
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Abstract
This paper has two goals. The first goal is to investigate the question does the innovation capacity determine economic growth and economic performance of CEE countries, by applying several econometric techniques. The principal factor component analysis is applied in order to create a more reliable and representative variable that would measure the innovation capacity in our regression model, so as to avoid the multi – colinearity, being a common statistical weakness for this type of regression models. In our case, the innovation capacity as an variable of interest consist of general expenditure on R&D, number of patent, journal articles and scientific publications, as well as royalty payments. The second, panel econometric (random and fixed effects) regression and GMM dynamic panel regressions allow us to clarify the conclusions based on the new growth theory (endogenous growth models based on R&D and innovations) about the role and the importance of innovations, as a fundamental factor and the main engine of the long-run economic growth. Finally, we use an international benchmarks analysis to investigate the performance and the innovation capacity of the countries in the region, with special focus on the Macedonian economy, throughout the number of patent’s applications, and firm’s capacity for adoption, adaptation and transfer of new technology. This analysis would help in answering the second question in this paper, if the lack of innovation capacity was a binding constraint to economic growth in SEE countries, and particularly in the Republic of Macedonia.
| Item Type: | Article |
|---|---|
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Economics |
| Depositing User: | Darko Lazarov |
| Date Deposited: | 20 Jan 2016 12:48 |
| Last Modified: | 20 Jan 2016 12:48 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/14776 |
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