Pregledni rad
https://doi.org/10.18045/zbefri.2020.1.295
Total factor productivity drivers in the selected EU countries: Cointegration approach
Zoran Borović
orcid.org/0000-0002-7056-0762
; Faculty of Economics, University of Banja Luka, Banja Luka, BiH.
Mladen Rebić
; Faculty of Economics, University of East Sarajevo, Pale, BiH
Dalibor Tomaš
; Faculty of Economics, University of Banja Luka, Banja Luka, BiH
Sažetak
In this paper, we will present the results of our survey on TFP and its main drivers. For this purpose, our analysis is based on a sample of thirteen EU countries for the period 1995 - 2016. In the first iteration, we have estimated the TFP for selected countries. The main goal of this paper is to determine the existence of a long-run relationship, ie. cointegration between the TFP and its main drivers. To do so, in the second iteration we have used the relatively new panel ARDL (Autoregressive Distributed Lag) model proposed by Pesaran (1997) and Pesaran and Shin (1999). The obtained results in this paper reveal the existence of a long-term relationship, i.e. co-integration between the TFP on one hand, and R&D, and ICT, on the other hand, confirming the basic hypothesis that there is a long-term and statistically significant relationship, i.e. co-integration between the above-mentioned variables.
Ključne riječi
growth; total factor productivity; foreign direct investment; research and development; information and communication technologies; Cobb-Douglas production function; cointegration
Hrčak ID:
240204
URI
Datum izdavanja:
30.6.2020.
Posjeta: 1.474 *