Please use this identifier to cite or link to this item: https://scidar.kg.ac.rs/handle/123456789/12647
Title: Patterns of interrelationships between inflation, r&d, innovation, and economic growth: Evidence from central and Eastern European countries
Authors: Radonjić, Ljubivoje
Veselinović, Nevena
Issue Date: 2020
Abstract: © 2020, Institute of Economics (Zagreb). All rights reserved. The primary objective of the article is to examine the nexus between inflation, R&D, patents, and economic growth within a group of Central and Eastern European countries (CEECs). The examination is conducted in two parts. First, the impact of total R&D expenditures on economic growth is observed, as well as the influence of growth on private and public R&D investments. Second, the conversion from private and public R&D investment to innovation, measured by the number of patents, is observed. Throughout the analysis, economic growth and inflation are representative of macroeconomic stability. The outcomes of the panel auto-regressive distributed lag estimation indicate that total R&D expenditures are essential and positively significant for economic growth in the observed countries. The results also show that output growth has a remarkably positive impact on generating private R&D expenditures. Such an influence is also found, but at a weaker level, in the case of public R&D expenditures. In this part of the analysis, inflation has demonstrated a harmful influence on R&D expenditures. The results of the second part indicate that public and private R&D expenditures, at a significant level, generate innovation activities, while the impact of inflation has proven to be unimportant.
URI: https://scidar.kg.ac.rs/handle/123456789/12647
Type: article
DOI: 10.15179/ces.22.2.1
ISSN: 1330-4860
SCOPUS: 2-s2.0-85098854969
Appears in Collections:Institute for Information Technologies, Kragujevac

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