High-technology exports and economic growth: panel data analysis for selected oecd countries

Esra  Kabaklarlý; Mahmut Sami  Duran; Yasemin  Telli Üçler

doi:10.23762/FSO_VOL6NO2_18_4

Published : 2018-06-14

Vol. 6 No. 2 (2018)

High-technology exports and economic growth: panel data analysis for selected oecd countries

Esra Kabaklarlý

Mahmut Sami Duran

Yasemin Telli Üçler

DOI: https://doi.org/10.23762/FSO_VOL6NO2_18_4

Abstract

This paper uses a panel cointegration model to analyse the long-term relationship between high-technology exports and economic growth in selected OECD countries in the period from 1989 to 2015. We used high-technology exports (current US$) as the dependent variable and the GDP growth rate, FDI (foreign direct investment), application of patents by residents, and gross capital formation % of GDP as explanatory variables. The export structure of countries is moving increasingly towards technology-intensive products such as ICT (information and communications technology), aerospace, computing and office equipment, electronics, chemical products, pharmaceuticals, and electrical machinery. The export structure has played an important role in the economic growth theories of many countries since the 1960s, as export growth has been associated with faster productivity and GDP growth. We aimed to find out the relationship between high-technology exports and the explanatory variables which we listed for 14 selected OECD countries (Canada, Denmark, Finland, France, Germany, Israel, Korea, the Netherlands, Norway, Switzerland, Sweden, Turkey, the UK, and the USA). According to our empirical results, there is a long-term relationship between high-technology exports and economic growth in selected OECD countries. The empirical results show that an improvement in patent applications and foreign direct investment play a decisive role in upgrading selected OECD countries’ hightech exports, while growth rate and investment play a negative role in enhancing these countries’ high-tech exports.

Keywords:

High technology export, GDP growth, FDI, Panel cointegration

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Kabaklarlý, E. ., Duran, M. S. ., & Telli Üçler, Y. . (2018). High-technology exports and economic growth: panel data analysis for selected oecd countries. Forum Scientiae Oeconomia, 6(2), 47–60. https://doi.org/10.23762/FSO_VOL6NO2_18_4

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Esra Kabaklarlý

etalasli@selcuk.edu.tr

Affiliation:

Selcuk University of Turkey, Konya, Turkey

Bio Statement (e.g., department and rank)

Esra Kabaklarlý studied Economics at the University of Hacettepe Economics Department. She works at the Department of Economics (Selçuk University of Turkey). Her research interests include the digital economy, the sharing economy, youth unemployment, economic development and time series econometrics.

Mahmut Sami Duran

msduran@selcuk.edu.tr

Affiliation:

Selcuk University of Turkey, Konya, Turkey

Bio Statement (e.g., department and rank)

Mahmut Sami Duran studied Economics at the University of Selcuk, Economics Department. He works at the Department of Finance, banking, and Insurance (Selçuk University of Turkey). His research interests includes microeconomy, macroeconomy, energy economy, and time series econometrics.

Yasemin Telli Üçler

ytelliucler@konya.edu.tr

Affiliation:

Selcuk University of Turkey, Konya, Turkey

Bio Statement (e.g., department and rank)

Yasemin Telli Üçler graduated from the Undergraduate Program of Economics, Faculty of Economic and Administrative Science, Seljuk University, in 2004. She completed her postgraduate education with her study entitled “EU - Turkey Relationships after Customs Union”, and, having completed her doctoral study entitled “University-Industry Cooperation in Regional Development” in 2014, received her doctoral degree. Subjects such as EU Projects, regional development, university-industry cooperation, innovation, social capital, and economic growth form part of her study and research areas of interest. The author has had papers and articles on these subjects published in both national and international refereed journals.