R&D 투자의 경기순환적 특성에 관한 연구
Empirical Research on Cyclical Patterns of R&D Investment
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The researches on cyclical patterns of R&D investment has a long history in developed economies since the Schumpeterian hypothesis that long-term productivity- enhancing innovative activities increase during recession. But in Korea the cyclical patterns of R&D investment is one of the unexplored academic areas. Unlike theoretical explanation of R&D’s cyclical pattern, empirical results has shown that R&D investment is procyclical to business cycles in developed countries. This paper investigates whether Korean R&D investment show procyclical or countercyclical pattern to business cycles. The empirical results show that Korean R&D investment in private area is procyclical to business cycles with statistical significance, which confirms the credit-constraint theory’s prediction, while public area’s is not sensitive to them. Public R&D investment has long-term investment characteristics and can be utilized to stabilize procyclically -fluctuating private R&D investme.
Abstract
The researches on cyclical patterns of R&D investment has a long history in developed economies since the Schumpeterian hypothesis that long-term productivity- enhancing innovative activities increase during recession. But in Korea the cyclical patterns of R&D investment is one of the unexplored academic areas. Unlike theoretical explanation of R&D’s cyclical pattern, empirical results has shown that R&D investment is procyclical to business cycles in developed countries. This paper investigates whether Korean R&D investment show procyclical or countercyclical pattern to business cycles. The empirical results show that Korean R&D investment in private area is procyclical to business cycles with statistical significance, which confirms the credit-constraint theory’s prediction, while public area’s is not sensitive to them. Public R&D investment has long-term investment characteristics and can be utilized to stabilize procyclically -fluctuating private R&D investme.
참고문헌 (19)
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