본문 바로가기
KERD
논문KCI 등재

Empirical Analysis of an Augmented Schumpeterian Endogenous Growth Model

Ejike Udeogu|Uzochukwu Amakom|Shampa Roy-Mukherjee
경제연구소 (Hanyang Economic Research Institute)|2021.03|Journal of Economic Development|제46권 제1호|pp. 53-84|DOI 10.35866/caujed.2021.46.1.003

2

조회

0

다운로드

0

인용

0

참고문헌

키워드

OECDInstitutionsTechnical ProgressCapital AccumulationEndogenous Growth TheoryResearch & DevelopmentGeneralised Method of Moments (GMM)Neoclassical Production Function
주제분류경제학

초록

This study conducts an empirical analysis of an augmented Schumpeterian endogenous growth theory using aggregate-level data from 1981 to 2017 for 31 OECD countries. Despite a considerable number of studies analysing endogenous growth, cross-country analyses utilising estimators robust to endogeneity-bias and controlling for the macroeconomic effect of institutions are still rare. In this paper, we employ a relatively consistent estimator to analyse an augmented neoclassical production function that links output per worker to capital accumulation, technological progress, and institutions. Our results from the extended system of generalised method of momentS estimation align with the mainstream consensus that capital accumulation and technological progress or innovation, in the form of R&D activities, determine the level of output per worker in the long run. But in addition, we find that effective institutions underlie the innovation effect. On average, the impact of R&D activities on output per worker is higher in countries with more effective institutions.

Abstract

This study conducts an empirical analysis of an augmented Schumpeterian endogenous growth theory using aggregate-level data from 1981 to 2017 for 31 OECD countries. Despite a considerable number of studies analysing endogenous growth, cross-country analyses utilising estimators robust to endogeneity-bias and controlling for the macroeconomic effect of institutions are still rare. In this paper, we employ a relatively consistent estimator to analyse an augmented neoclassical production function that links output per worker to capital accumulation, technological progress, and institutions. Our results from the extended system of generalised method of momentS estimation align with the mainstream consensus that capital accumulation and technological progress or innovation, in the form of R&D activities, determine the level of output per worker in the long run. But in addition, we find that effective institutions underlie the innovation effect. On average, the impact of R&D activities on output per worker is higher in countries with more effective institutions.

참고문헌 (109)

  1. Abrigo, M. R. M., "Estimation of Panel Vector Autoregression in Stata", Stata Journal, 16(3), pp.778~804 (2016)
  2. Acemoglu, D., "Institutions, Human Capital, and Development", Annual Review of Economics, 6(1), pp.875~912 (2014)
  3. Acemoglu, D., "Democracy Does Cause Growth", Journal of Political Economy, 127(1), pp.47~100 (2019)
  4. Acemoglu, D., "Why Nations Fail: The Origins of Power, Prosperity and Poverty" (2012), Crown Publishers
  5. Aghion, P., "A Model of Growth through Creative Destruction", Econometrica, 60, pp.323~351 (1992)
  6. Aghion, P., "Endogenous Growth Theory" (1998), MIT Press
  7. Aghion, P., "Capital Accumulation and Innovation as Complementary Factors in Long-Run Growth", Journal of Economic Growth, 3, pp.111~130 (1998)
  8. Ahn, S. C., "Efficient Estimation of Models for Dynamic Panel Data", Journal of Econometrics, 68(1), pp.5~27 (1995)
  9. Akaike, H., "Fitting Autoregressive Models for Prediction", Annals of the Institute of Statistical Mathematics, 21, pp.243~247 (1969)
  10. Akaike, H., "Applications of Statistics" (1977), North-Holland
  11. Akerlof, G., "The Market for Lemons : Quality Uncertainty and the Market Mechanism", Quarterly Journal of Economics, 84(1), pp.488~500 (1970)
  12. Anderson, T. W., "Formulation and Estimation of Dynamic Models Using Panel Data", Journal of Econometrics, 18, pp.47~82 (1982)
  13. Andrews, D. W. K., "Consistent Model and Moment Selection Procedures for GMM Estimation with Application to Dynamic Panel Data Models", Journal of Econometrics, 101(1), pp.123~164 (2001)
  14. Arellano, M., "A Note on the Anderson-Hsiao Estimator for Panel Data", Economics Letters, 31(4), pp.337~341 (1989)
  15. Arellano, M., "Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, 58, pp.277~297 (1991)
  16. Arellano, M., "Another Look at the Instrumental Variable Estimation of Error-Components Models", Journal of Econometrics, 68, pp.29~51 (1995)
  17. Baltagi, B. H., "Econometric Analysis of Panel Data" (2013), John Wiley and Sons
  18. Barro, R., "Determinants of Economic Growth: A Cross-Country Empirical Study" (1997), MIT Press
  19. Barro, R., "Determinants of Democracy", Journal of Political economy, 107(S6), pp.S158~S183 (1999)
  20. Barro, R., "Economic Growth" (1995), McGraw-Hill
  21. Baum, C F., "An Introduction to Modern Econometrics Using Stata" (2006), Stata Press
  22. Baum, C. F., "Instrumental Variables and GMM : Estimation and Testing", Stata Journal, 3(1), pp.1~31 (2003)
  23. Bilbao‐Osorio, B., "From R&D to Innovation and Economic Growth in the EU", Growth and Change, 35, pp.434~455 (2004)
  24. Blundell, R., "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, 87, pp.115~143 (1998)
  25. Blundell, R., "GMM Estimation with Persistent Panel Data : An Application to Production Functions", Econometric Reviews, 19(3), pp.321~340 (2000)
  26. Blundell, R., "Estimation in Dynamic Panel Data Models : Improving on the Performance of the Standard GMM Estimator", Advances in Econometrics, 15, pp.53~91 (2000)
  27. Bond, S., "Dynamic Panel Data Models : A Guide to Micro Data Methods and Practice", Portuguese Economic Journal, 1(2), pp.141~162 (2002)
  28. GMM Estimation of Empirical Growth Models, "Bond, S.", CEPR, ~, pp.Discussion Paper No. 3048 (2001)
  29. Bond, S., "Corporate R&D and Productivity in Germany and the United Kingdom", London School of Economics and Political Science: Centre for Economic Performance, ~ (2003)
  30. Bond, S., "Capital Accumulation and Growth : A New Look at the Empirical Evidence", Journal of Applied Econometrics, 25(7), pp.1073~1099 (2010)
  31. Chen, J. R., "Technological Knowledge, Spillover and Productivity : Evidence from Taiwanese Firm Level Panel Data", Applied Economics, 37, pp.2361~2371 (2005)
  32. Clark, K. B., "R&D, Patents, and Productivity" (1984), University of Chicago Press
  33. Coe, D. T., "International R&D Spillovers", European Economic Review, 39(5), pp.859~887 (1995)
  34. Innovations and Productivity Growth in the UK: Evidence from CIS2 and CIS3, "Criscuolo, C.", LSE, ~ (2003)
  35. Cuneo, P., "R&D, Patents, and Productivity" (1984), University of Chicago Press
  36. Duguet, E., "Innovation Height, Spillovers and TFP Growth at the Firm Level : Evidence from French Manufacturing", Economics of Innovation and New Technology, 15, pp.415~442 (2006)
  37. Frankel, M., "The Production Function in Allocation and Growth : A Synthesis", American Economic Review, 52, pp.995~1022 (1962)
  38. Griffith, R., "How Special is the Special Relationship? Using the Impact of US R&D Spillovers on UK Firms as a Test of Technology Sourcing", American Economic Review, 96(5), pp.1859~1875 (2006)
  39. Griliches, Z., "Issues in Assessing the Contribution of R&D to Productivity Growth", Bell Journal of Economics, 10, pp.92~116 (1979)
  40. Griliches, Z., "New Developments in Productivity Measurement and Analysis" (1980), University of Chicago Press
  41. Griliches, Z., "Productivity, R&D, and Basic Research at the Firm Level in the 1970’s", American Economic Review, 76, pp.141~154 (1986)
  42. Griliches, Z., "Productivity Puzzles and R&D : Another non-Explanation", Journal of Economic Perspectives, 2, pp.9~21 (1988)
  43. Griliches, Z., "Productivity, R&D, and the Data Constraint", American Economic Review, 84, pp.1~23 (1994)
  44. Griliches, Z., "R&D and Productivity: The Econometric Evidence" (1998), University of Chicago Press
  45. Griliches, Z., "Errors in Variables in Panel Data", Journal of Econometrics, 31, pp.930~118 (1986)
  46. Griliches, Z., "Interindustry Technology Flows and Productivity Growth : A Re-examination", Review of Economics and Statistics, 66, pp.324~329 (1984)
  47. Griliches, Z., "R&D, Patents, and Productivity" (1984), University of Chicago Press
  48. Griliches, Z., "Comparing Productivity Growth: An Exploration of French and U.S. Industrial and Firm Data", European Economic Review, 21, pp.89~119 (1983)
  49. Griliches, Z., "R&D, Patents and Productivity" (1984), Chicago University Press
  50. Griliches, Z., "Productivity Growth in Japan and the United States" (1990), Chicago University Press
  51. Griliches, Z., "Essays in Honour of Ragnar Frisch, Econometric Society Monograph Series" (1998), Cambridge University Press
  52. Grossman, G. M., "Innovation and Growth in the Global Economy" (1991), MIT Press
  53. Grossman, G. M., "Trade, Knowledge Spillovers, and Growth", European Economic Review, 35, pp.517~526 (1991)
  54. Grossman, G. M., "Endogenous Innovation in the Theory of Growth", Journal of Economic Perspectives, 8(1), pp.23~44 (1994)
  55. Guellec, D., "The Impact of Public R&D Expenditure on Business R&D", Economics of Innovation and New Technology, 12, pp.225~243 (2003)
  56. Hall, B. H., "The Stock Market's Valuation of R&D Investment During the 1980’s", American Economic Review, 83(2), pp.259~264 (1993)
  57. Hall, B. H., "Contributions in Memory of Zvi Griliches" (2010), Annales D’Économie et de Statistique
  58. Using Productivity as an Innovation Indicator, "Hall, B. H.", DG Research, European Commission, ~ (2011)
  59. Measuring the Returns to R&D, "Hall, B. H.", National Bureau of Economic Research, Inc, ~, pp.NBER Working Paper Series No. 15622 (2009)
  60. Hall, B. H., "Handbook of the Economics of Innovation" (2010), Elsevier
  61. Hall, B. H., "Exploring the Relationship between R&D and Productivity in French Manufacturing Firms", Journal of Econometrics, 65, pp.263~293 (1995)
  62. Harhoff, D., "R&D and Productivity in German Manufacturing Firms", Economics of Innovation and New Technology, 6(1), pp.29~50 (1998)
  63. Huergo, E., "Firms’ Age, Process Innovation and Productivity Growth", International Journal of Industrial Organization, 22, pp.541~559 (2004)
  64. Imbens, G. W., "One-Step Estimators for Over-Identified Generalized Method of Moments Models", Review of Economic Studies, 64(3), pp.359~383 (1997)
  65. Jones, C., "Time Series Tests of Endogenous Growth Models", Quarterly Journal of Economics, 110, pp.495~525 (1995)
  66. Jorgenson, D. W., "Productivity: International Comparisons of Economic Growth" (1995), MIT Press
  67. Kalaitzidakis, P., "Measures of Human Capital and Nonlinearities in Economic Growth", Journal of Economic Growth, 6(3), pp.229~254 (2001)
  68. Levine, R., "Financial Intermediation and Growth : Causality and Causes", Journal of Monetary Economics, 46(1), pp.31~77 (2000)
  69. Li, D., "Is the AK model Still Alive? The Long􀀀Run Relation between Growth and Investment Re􀀀Examined", Canadian Journal of Economics, 35(1), pp.92~114 (2002)
  70. Link, A. N., "Basic Research and Productivity Increase in Manufacturing : Additional Evidence", American Economic Review, 71, pp.1111~1112 (1981)
  71. Link, A. N., "Research and Development Activity in U.S. Manufacturing" (1981), Praeger
  72. Liu, Z., "Non‐Linearities in Cross‐Country Growth Regressions : A Semiparametric Approach", Journal of Applied Econometrics, 14(5), pp.527~538 (1999)
  73. Lucas, R. E., "On the Mechanics of Economic Development", Journal of Monetary Economics, 22, pp.3~42 (1988)
  74. Madsen, J. B., "The Causality between Investment and Economic Growth", Economics Letters, 74(2), pp.157~163 (2002)
  75. Mairesse, J., "Innovation and Productivity: A Firm-Level Analysis for French Manufacturing and Services using CIS3 and CIS4 Data (1998–2000 and 2002–2004)", CREST-ENSAE, ~ (2009)
  76. Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French & United States Manufacturing Firms, "Mairesse, J.", Social Science Research Network, ~, pp.SSRN Scholarly Paper No. ID 4081 (1996)
  77. Mankiw, N. G., "A Contribution to the Empirics of Economic Growth", Quarterly Journal of Economics, 107(2), pp.407~437 (1992)
  78. Mansfield, E., "Rates of Return from Industrial Research and Development", American Economic Review, 55, pp.310~322 (1965)
  79. Mohnen, P., "New Technologies and Inter-industry Spillovers", STI Review (OECD), (7), pp.131~147 (1990)
  80. Mohnen, P., "R&D, R&D Spillovers and Payments for Technology : Canadian Evidence", Structural Change and Economic Dynamics, 2, pp.213~228 (1991)
  81. Nickell, S., "Biases in Dynamic Models with Fixed Effects", Econometrica, 49, pp.1417~1426 (1981)
  82. North, D., "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
  83. North, D., "Institutions", Journal of Economic Perspectives, 5(1), pp.97~112 (1991)
  84. Pagan, A. R., "Diagnostic Tests as Residual Analysis", Econometric Reviews, 2(2), pp.159~218 (1983)
  85. Parisi, M. L., "Productivity, Innovation and R&D : Micro Evidence for Italy", European Economic Review, 50, pp.2037~2061 (2006)
  86. Rebelo, S., "Long-Run Policy Analysis and Long-Run Growth", Journal of Political Economy, 99, pp.500~521 (1991)
  87. Rodrik, D., "Institutions for High-Quality Growth and How to Acquire Them", Studies in Comparative International Development, 25(3), pp.3~31 (2000)
  88. Rodrik, D., "Institutions and Economic Performance : Getting Institutions Right", CESifo DICE Report, 2(2), pp.10~15 (2004)
  89. Rodrik, D., "One Economics: Many Recipes" (2008), Princeton University Press
  90. Rodrik, D., "The Development Economics Reader" (2008), Routledge
  91. Rogers, M., "R&D and Productivity : Using UK Firm-Level Data to Inform Policy", Empirica, 37(3), pp.329~359 (2010)
  92. Romer, P. M., "Increasing Returns and Long-Run Growth", Journal of Political Economy, 94, pp.1002~1037 (1986)
  93. Romer, P. M., "Growth Based on Increasing Returns Due to Specialization", American Economic Review, 77, pp.56~62 (1987)
  94. Romer, P. M., "Endogenous Technological Change", Journal of Political Economy, 98, pp.71~102 (1990)
  95. Roodman, D., "How to do xtabond2 : An Introduction to Difference and System GMM in Stata", Stata Journal, 9(1), pp.86~136 (2009)
  96. Rothschild, M., "Equilibrium in Competitive Insurance Markets : An Essay on the Economics of Imperfect Information", Quarterly Journal of Economics, 90(4), pp.626~649 (1976)
  97. Scherer, F., "Inter-Industry Technology Flows and Productivity Growth", Review of Economics and Statistics, 64, pp.627~634 (1982)
  98. Scherer, F., "R&D, Patents, and Productivity" (1984), University of Chicago Press
  99. Schumpeter, J. A., "The Theory of Economic Development" (1934), Harvard University Press
  100. Schumpeter, J. A., "Capitalism, Socialism and Democracy" (1942), Harper
  101. Schwarz, G., "Estimating the Dimension of a Model", Annals of Statistics, 6(2), pp.461~464 (1978)
  102. Solow, R. M., "A Contribution to the Theory of Economic Growth", Quarterly Journal of Economics, 70(1), pp.65~94 (1956)
  103. Solow, R. M., "Technical Change and the Aggregate Production Function", Review of Economics and Statistics, 39, pp.312~ (1957)
  104. Spence, M., "Job Market Signalling", Quarterly Journal of Economics, 87(3), pp.355~374 (1973)
  105. Spence, M., "Product Selection, Fixed Costs, and Monopolistic Competition", Review of Economic Studies, 43, pp.217~235 (1976)
  106. Uzawa, H., "Optimal Technical Change in Aggregative Model of Economic Growth", International Economic Review, 6, pp.18~31 (1965)
  107. Williamson, R. C., "Informal Institutions Rule: Institutional Arrangement and Economic Performance", Public Choice, 139(3, pp.4) (2009), 371~387
  108. Wooldridge, J. M., "Econometric Analysis of Cross Section and Panel Data" (2001), The MIT Press
  109. Zachariadis, M., "R&D, Innovation, and Technological Progress : A Test of the Schumpeterian Framework without Scale Effects", Canadian Journal of Economics, 36(3), pp.566~586 (2003)

관련 논문AI추천

INSTITUTIONS, INNOVATION AND ECONOMIC GROWTHBRUCE ELMSLIE, EDINALDO TEBALDI경제연구소 · Journal of Economic Development2008 · 제33권 제2호Determinants of Potential Output Growth: Empirical Evidence in 18 OECD Countries, 1990-2016이만석구경영연구소 · Seoul Journal of Business2019 · 제25권 제1호Impact of Social and Institutional Quality Capital on Total Factor Productivity and Economic Growth유태환, Shahzad Saeed산업개발연구소 · 산업혁신연구2018 · 제34권 제3호The Effect of R&D Disparities On Economic Growth김준기, 조하나국가정책연구소 · 국가정책연구2020 · 제34권 제1호Knowledge Capital in Economic Growth: A Panel Analysis of 120 Countries정진화, Dong-Geon Lim아시아기술혁신학회 · Asian Journal of Innovation and Policy2017 · 제6권 제1호Empirical Evidence on the Determinants of TFP and Its Role in the Growth of Innovation-Driven Economies김학수경제연구소 · Seoul Journal of Economics2009 · 제22권 제1호

이 간행물의 다른 논문 (4건)

Economic Freedom and Economic Performance: Does Good Governance Matter? The Case of APAC and OECD CountriesNoha Emara, Loreto Reyes Rebolledopp. 1-32Are Strategic Interactions between Moroccan Local Governments Geographical or Political?Samira Oukarfi, Maria Elkhdari, Samir Zine El Alaoui, Youness Sahibipp. 33-52Sectoral Determinants of Korean Development Assistance: Similar, yet Different?오진환, 김한나pp. 85-105Inequality of Opportunity and Degree of Human Development: Evidence from TunisiaHamdaoui Mekki, Saidi Anis, Ochi Anispp. 107-137
원문 보기