1、 1 中文 2168 字 本科毕业论文外文原文 外文题目： High-tech exports and economic growth in industrialized countries 出 处： Economics 作 者： Martin Falk 原 文： High-tech exports and economic growth in industrialized countries Martin Falk Austrian Institute of Economic Research (WIFO) Abstract The present article provides new
2、evidence on the impact of the change in the high-tech export share on economic growth in OECD countries. We estimate a dynamic growth model on panel data for 22 OECD countries for 19802004, in which the data is measured as 5-year averages. Using the system GMM panel estimator, which corrects for sim
3、ultaneity, we find that both business R&D intensity and the share of high-tech exports are significantly positively related to the GDP per working age population. The estimated elasticities are rather sizable but the magnitude suggests that business R&D intensity is more important than the share of
4、high-tech exports in explaining GDP per working age population. 1. Introduction The share of high-technology exports in total manufacturing exports has increased considerably in OECD countries throughout the last 25 years. Some OECD countries such as Finland, Ireland, Korea, the Netherlands and the
5、United Kingdom have increased their high-tech export share more than other countries. Similarly, the change in the ratio of business expenditures on R&D (BERD) to GDP has also unevenly evolved across OECD countries. The 2 differences in the evolution of high-technology export share and business R&D
6、intensity have attracted substantial policy interest. Business R&D intensity is commonly identified as the main input factor in the innovation process, while the share of high-tech exports is regarded as an important measure of innovation output. Both measures are widely used in order to benchmark a
7、 countrys innovation performance. Given the interest in the specific innovation indicators, it is natural to ask as to which of the two factors is more important for economic growth. The related empirical literature agrees that investment in R&D is one of the most significant factors affecting the d
8、ifferences in GDP and productivity growth (Bassanini and Scarpetta, 2001).However, the relationship between high-tech exports and economic growth in industrialized countries remains somewhat unclear. Crespo-Cuaresma and Wo rz (2005) found that the export share of technology-intensive industries is s
9、ignificantly positively related to the GDP per capita only for the sample of non-OECD countries, but not for the sample of OECD countries. Using the data for OECD countries, Peneder (2003) finds that exports of technology driven industries have a positive and significant impact on the level and grow
10、th of the GDP per capita. What is common to all in the previous studies is that they suffer from an omitted variable bias since they exclude the R&D intensity as a measure of innovation input. The aim of the present article is to provide new insights into the impact of high-tech exports on economic
11、growth. The growth equation is estimated using the system generalized method of moments (GMM) panel estimator based on panel of 22 OECD countries for the period 1980 to 2004, in which the data are measured as 5-year averages. 2. Empirical Model The empirical model is based on the human capital augme
12、nted Solow model that was introduced by Mankiw et al. (MRW) (1992). Nonneman and Vanhoudt (1996) extended the MRW model by adding the ratio of R&D to GDP. We further augment the MRW model by adding a measure of innovation output such as the high-tech export share as an alternative to R&D intensity.
13、Following Caselli et al. (1996), the steady state level of GDP per capita based on panel data can be described as: 3 where is per capita GDP of the working age population expressed in 1995 purchasing power parities in country i in period t, where is a country specific effect, is a period-specific ef
14、fect, and it is an error-term. The set of explanatory variables includes the investment ratio, INVit, the ratio of business enterprise R&D expenditures to GDP (BERD), RDGDPit, average years of education in the working age population (from 25 to 64 years of age) taken from Barro and Lee, 2000), EDUit
15、 and the share of high-tech exports to total manufacturing exports We can derive the regression equation by taking first differences in order to remove unobserved time-invariant, country specific effects (for the sake of notational convenience, x shall comprise the explanatory variables): Assuming t
16、he residuals of the level equation are serially uncorrelated, the values of y lagged two periods or more can be used as instruments in the first-differenced equation. This implies the following moment condition: In order to deal with the potential endogeneity problem, we assume that the explanatory variables in x are predetermined, rather than strictly exogenous, implying in turn the following moment conditions: The estimation equation and moment conditions are estimated using the system GMM estimator
