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ISBN: 1462349854 1451986378 1282014781 9786613796011 1451904800 Year: 2004 Publisher: Washington, D.C. : International Monetary Fund,
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This paper investigates the main postulations of the R&D based growth models that innovation is created in the R&D sectors and it enables sustainable economic growth, provided that there are constant returns to innovation in terms of R&D. The analysis employs various panel data techniques and uses patent and R&D data for 20 OECD and 10 Non-OECD countries for the period 1981–97. The results suggest a positive relationship between per capita GDP and innovation in both OECD and non-OECD countries, while the effect of R&D stock on innovation is significant only in the OECD countries with large markets. Although these results provide support for endogenous growth models, there is no evidence for constant returns to innovation in terms of R&D, implying that innovation does not lead to permanent increases in economic growth. However, these results do not necessarily suggest a rejection of R&D based growth models, given that neither patent nor R&D data capture the full range of innovation and R&D activities.
Investments: Stocks --- Labor --- Macroeconomics --- Production and Operations Management --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Personal Income, Wealth, and Their Distributions --- Labor Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment & securities --- Labour --- income economics --- Stocks --- Human capital --- Personal income --- Total factor productivity --- Income --- Labor economics --- Industrial productivity --- United States --- Income economics
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ISBN: 1462348866 1452705801 1282061437 1451902980 9786613799227 Year: 2004 Publisher: Washington, D.C. : International Monetary Fund,
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Under what conditions should grants be preferred to loans? To answer this question, we present a simple model à la Krugman (1988) and show that, for any given level of developmental assistance, the optimal degree of loan concessionality is positively associated with economic growth if countries are poor, have bad policies, and high debt obligations. We then test our model by estimating a modified growth model for a panel of developing countries, and find evidence supporting our predictions. Finally, we assess the determinants of current aid allocations and find that the degree of concessionality is negatively correlated with countries' levels of development.
Economic assistance. --- Grants-in-aid. --- Economic development. --- Federal grants --- Grants --- Intergovernmental fiscal relations --- Economic assistance, Domestic --- Local finance --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- International economic relations --- Conditionality (International relations) --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Budgeting --- Exports and Imports --- Industries: Financial Services --- Environmental Economics --- Foreign Aid --- Debt --- Debt Management --- Sovereign Debt --- Economic Growth and Aggregate Productivity: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Budget --- Budget Systems --- Environmental Economics: General --- International Lending and Debt Problems --- Finance --- International economics --- Budgeting & financial management --- Environmental economics --- Loans --- Aid flows --- Budget planning and preparation --- Environment --- Concessional external borrowing --- Financial institutions --- Foreign aid --- Public financial management (PFM) --- External debt --- Economic assistance --- Budget --- Environmental sciences --- Debts, External --- United States
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