The impact of investment in research and development on the economic growth in Serbia
The main objective of this paper is to examine the impact of investment in research and development on economic growth in the Republic of Serbia, expressed through the correlation of this and other macroeconomic aggregates. A variety of statistical and econometric techniques of variables and time se...
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Economics institute, Belgrade
2020-01-01
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doaj-4004a226d9554886a70c91f29f7a75692020-11-25T04:11:26ZengEconomics institute, BelgradeIndustrija0350-03732334-85262020-01-0148123460350-03732001023KThe impact of investment in research and development on the economic growth in SerbiaKutlača Đuro0Stefanović-Šestić Sunčica1Jelić Svetlana2Popović-Pantić Sanja3https://orcid.org/0000-0003-0403-346XUniversity of Belgrade, Institute Mihajlo Pupin, SerbiaStatistical office of the Republic of Serbia, Belgrade, SerbiaStatistical office of the Republic of Serbia, Belgrade, SerbiaUniversity of Belgrade, Institute Mihajlo Pupin, SerbiaThe main objective of this paper is to examine the impact of investment in research and development on economic growth in the Republic of Serbia, expressed through the correlation of this and other macroeconomic aggregates. A variety of statistical and econometric techniques of variables and time series analysis are employed. In order to quantify the contribution of investments in research and development to the GDP real growth, initially data series at current prices are converted in real terms, applying previously calculated composite deflator for research and development. Based on these data, estimated for the period 1995-2015, the contribution of R&D investments to the GDP real growth is explicitly shown and expressed in percentage points. Also, the latest available data since 2016. up to 2018. have been presented in order to show the trend in this area. The empirical results achieved in the study reveal a strong interdependence among the R&D expenditures and economic performance at the national level in Serbia. Based on these findings, a statistically significant causality relationship oriented from GDP real growth to research and development activity is confirmed. As real economic activities and growth rate increase, R&D must also increase for sustainability. However, the causality in the opposite direction cannot be verified.https://scindeks-clanci.ceon.rs/data/pdf/0350-0373/2020/0350-03732001023K.pdfgdpgerdresearch and developmenteconomic growthstatistical and econometric analysisserbia |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Kutlača Đuro Stefanović-Šestić Sunčica Jelić Svetlana Popović-Pantić Sanja |
spellingShingle |
Kutlača Đuro Stefanović-Šestić Sunčica Jelić Svetlana Popović-Pantić Sanja The impact of investment in research and development on the economic growth in Serbia Industrija gdp gerd research and development economic growth statistical and econometric analysis serbia |
author_facet |
Kutlača Đuro Stefanović-Šestić Sunčica Jelić Svetlana Popović-Pantić Sanja |
author_sort |
Kutlača Đuro |
title |
The impact of investment in research and development on the economic growth in Serbia |
title_short |
The impact of investment in research and development on the economic growth in Serbia |
title_full |
The impact of investment in research and development on the economic growth in Serbia |
title_fullStr |
The impact of investment in research and development on the economic growth in Serbia |
title_full_unstemmed |
The impact of investment in research and development on the economic growth in Serbia |
title_sort |
impact of investment in research and development on the economic growth in serbia |
publisher |
Economics institute, Belgrade |
series |
Industrija |
issn |
0350-0373 2334-8526 |
publishDate |
2020-01-01 |
description |
The main objective of this paper is to examine the impact of investment in research and development on economic growth in the Republic of Serbia, expressed through the correlation of this and other macroeconomic aggregates. A variety of statistical and econometric techniques of variables and time series analysis are employed. In order to quantify the contribution of investments in research and development to the GDP real growth, initially data series at current prices are converted in real terms, applying previously calculated composite deflator for research and development. Based on these data, estimated for the period 1995-2015, the contribution of R&D investments to the GDP real growth is explicitly shown and expressed in percentage points. Also, the latest available data since 2016. up to 2018. have been presented in order to show the trend in this area. The empirical results achieved in the study reveal a strong interdependence among the R&D expenditures and economic performance at the national level in Serbia. Based on these findings, a statistically significant causality relationship oriented from GDP real growth to research and development activity is confirmed. As real economic activities and growth rate increase, R&D must also increase for sustainability. However, the causality in the opposite direction cannot be verified. |
topic |
gdp gerd research and development economic growth statistical and econometric analysis serbia |
url |
https://scindeks-clanci.ceon.rs/data/pdf/0350-0373/2020/0350-03732001023K.pdf |
work_keys_str_mv |
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