Are Countries’ R&D Expenditures Effective on Financial Development and Economic Growth?: An Application on Some Countries in the Developing Economies Class in Europe
Chapter from the book:
Kandemir,
T.
&
Buğan,
M.
F.
(eds.)
2022.
Financial and Economic Issues in Emerging Markets.
Synopsis
The aim of this study is to investigate the relationship between countries' R&D expenditures and financial development and economic growth. For this purpose, annual data for the period 2003-2020 of 7 countries in the Developing Economies Class in Europe were used. As dependent variables, stock market indices and growth rates, which represent the highest share in countries representing financial development, and the share of countries' R&D expenditures in GDP are used as independent variables. As a method, Westerlund cointegration test, AMG and MGE coefficient estimators were used. As a result of the cointegration test, it is seen that there is a cointegrated relationship between the variables in the long run. As a result of coefficient estimators, positive impact of R&D expenditures on financial development in Hungary, Turkey, Romania and Ukraine; It is seen that it has a negative effect in Russia, Bulgaria and Poland. In addition, it was concluded that R&D expenditures had a positive effect on growth in Bulgaria, Poland, Turkey and Hungary.
Keywords:
How to cite this book
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Published
DOI
Categories
Copyright (c) 2022 Tuğrul Kandemir- Mehmet Fatih Buğan; Yunus Yılmaz- Yıldız Yıldız- İbrahim Yenigün- Şükriye Gül Reis- Muhammed Hadin Öner- İbrahim Arslan- Tuğçe Metin- Yusuf Bozgeyik- Muhammed Fatih Yürük- Nazan Güngör Karyağdı- Ahmet Şit- Hasan Dinçer- Serhat Yüksel- Duygu Yavuz- Fatih Günay- Cengiz Toraman- Elif Ulucenk- Hüseyin Burgazoğlu- Mervan Selçuk- Salih Ülev- Adnan Söylemez- Hakkı M. Ay- Hüseyin Özdemir- Eray Gemici- Yunus Kılıç- Bülent Yıldız- Şemsettin Çiğdem- Cebrail Telek