Sustainable economic growth in the European Union: The role of ICT , venture capital, and innovation
Sustainable economic growth in the European Union: The role of ICT , venture capital, and innovation
复制标题
DOI：
10.1002/rfe.1064
复制
发表时间：
2019
影响因子：
1.2
通讯作者：
R. Pradhan;Mak B. Arvin;Mahendhiran Nair;Sara E. Bennett
中科院分区：
文献类型：
--
作者：
R. Pradhan;Mak B. Arvin;Mahendhiran Nair;Sara E. Bennett
在过去30年中，欧洲经济体经历了重大转型，这些转型是由信息和通信技术（ICT）的传播、创新的强化以及金融部门的改革来支持创新努力所推动的。本研究的主要目的是研究1989年至2016年期间欧洲25个国家的ICT扩散、创新扩散、风险投资和经济增长之间的因果关系。使用向量误差校正模型，该研究考察了上述变量的潜在短期和长期关系。实证分析表明，从长期来看，风险资本投资、ICT扩散和创新扩散对欧洲经济增长有显著影响。然而，在短期内，因果关系的方向因所采用的信息和通信技术传播和创新传播的具体措施而异。从这项研究的结果提供了宝贵的见解，将有助于在欧洲的可持续经济增长的政策类型。
Over the past 30 years, the economies in Europe have undergone major transformations that have been powered by diffusion of information and communication technology (ICT), intensification of innovation, and reforms in the financial sector to support innovative endeavors. The primary objective of this study was to examine the causal relationships among ICT diffusion, innovation diffusion, venture capital investment, and economic growth for 25 countries in Europe for the period from 1989 to 2016. Using a vector error‐correction model, the study examines the underlying short‐run and long‐run relationships for the above variables. The empirical analysis shows that in the long run, venture capital investment, ICT diffusion, and innovation diffusion have significant impacts on economic growth in Europe. However, in the short run, the direction of the causality varies depending on the specific measures of ICT diffusion and innovation diffusion that are utilized. Results from this study provide valuable insights into the types of policies that will contribute to sustainable economic growth in Europe.