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Evaluating the Role of Research and Development and Technology Investments on Economic Development of E7 Countries
Abstract
This chapter aims to evaluate the effects of research and development on economic growth, export, and unemployment rate in emerging economies. Within this scope, E7 countries are taken into the consideration. Additionally, annual data of these variables for the periods between 1996 and 2016 is tested by using Dumitrescu Hurlin panel causality analysis. It is concluded that research and development expenditure has a positive effect to increase the export amount for these emerging economies. On the other hand, it is also identified that there is not a causality relationship between research and development with economic growth and unemployment rate. Therefore, it is recommended that emerging economies should take necessary actions to increase research and development investment to have higher amount of export. Hence, it can be possible for these countries to minimize the negative effects of current account deficit. In addition to this issue, it can also be seen that making research and development investment plays a key role to improve the economic performance of these countries.
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