E7 Ülkelerinde Finansal Gelişmenin Ar-Ge Faaliyetleri Üzerindeki Etkisi
The Effect of Financial Development on R&D Activities in E7 Countries

Summary/Abstract: In this study, the causality relationship is tried to determine between financial development level and technology activities in the countries defined as E7 by employing panel data analysis. Domestic credit to private sector by banks to GDP and money supply (M2) to GDP are used as financial development indicators. The results of the analysis performed by using 2001-2013 period data show that both the financial variables do not have any significant effects on the number of patent applications by residents and the articles published in scientific journals, and M2 money supply does not have any significant effect on the percentage of high-technology exports to manufactured exports. Particularly, the findings reveal that financial development affects R&D expenditures positively with a strong proportion. As a result, it can be said that financial development increases R& D expenditure, number of researchers in R&D industries and high technology-based export, but it does not have effects on the outputs of these activities.

• Details
• Contents