International Openness and Total Factor Productivity
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Total factor productivity (TFP) has long been recognized as a main engine of long-term economic growth. Based on a sample of 24 countries from the Organization for Economic Co-operation and Development (OECD), this study finds that domestic and foreign R&D efforts are key determinants of TFP in line with empirical evidence from the existing literature. Building upon these traditional determinants of TFP, this study highlights the importance of international openness in promoting total factor productivity. The panel estimation results show that differences in international openness serve as an additional determinant of TFP when the levels of domestic and foreign R&D capital stocks are held constant. Greater international openness to trade and direct investment is associated with higher levels of total factor productivity, larger international R&D spillovers, and larger returns to domestic R&D capital.
Abstract
Total factor productivity (TFP) has long been recognized as a main engine of long-term economic growth. Based on a sample of 24 countries from the Organization for Economic Co-operation and Development (OECD), this study finds that domestic and foreign R&D efforts are key determinants of TFP in line with empirical evidence from the existing literature. Building upon these traditional determinants of TFP, this study highlights the importance of international openness in promoting total factor productivity. The panel estimation results show that differences in international openness serve as an additional determinant of TFP when the levels of domestic and foreign R&D capital stocks are held constant. Greater international openness to trade and direct investment is associated with higher levels of total factor productivity, larger international R&D spillovers, and larger returns to domestic R&D capital.
참고문헌 (20)
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