Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/326843 
Year of Publication: 
2022
Series/Report no.: 
UNU-MERIT Working Papers No. 2022-034
Publisher: 
United Nations University (UNU), Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), Maastricht
Abstract: 
We analyze the dynamic interaction of Japan's total factor productivity (TFP), GDP, stocks of domestic and foreign private and public as well as mission-oriented R&D, called GBARD in OECD statistics, in a vector-error-correction model (VECM) for Japan with stock data for the period 1987-2016. Permanent policy changes show the following main results: (i) GBARD as well as private and public R&D each encourage growth rates of the other R&D stocks and of TFP and GDP, and all have high internal rates of return; (ii) Japan's R&D policies affect and are affected by foreign R&D; in particular, Japan's public R&D has a positive impact on European private R&D, whereas other OECD countries' R&D has a negative one; (iii) permanent foreign public R&D changes are detrimental to Japan's growth of TFP and GDP. Japan's R&D policies should be supported by education policies enhancing especially the number of PhDs and IT personnel.
Subjects: 
R&D
productivity
growth
cointegration
cointegrated vector-auto-regressionmodel (VECM)
JEL: 
F43
O19
O47
O53
Creative Commons License: 
cc-by-nc-sa Logo
Document Type: 
Working Paper

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