A knowledge economy approach in empirical growth models for the Nordic countries
We estimate, employing a “knowledge economy” approach, the steady state growth rate for the Nordic countries. An endogenous growth framework is developed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and developm...
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ftunivwollongong:oai:ro.uow.edu.au:commwkpapers-1340 2023-05-15T16:49:55+02:00 A knowledge economy approach in empirical growth models for the Nordic countries Cooray, Arusha Lucchetta, Marcella Paradiso, Antonio 2013-12-01T08:00:00Z application/pdf https://ro.uow.edu.au/commwkpapers/336 https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1340&context=commwkpapers unknown Research Online https://ro.uow.edu.au/commwkpapers/336 https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1340&context=commwkpapers Faculty of Business - Economics Working Papers Endogenous growth models Trade openness human capital investment ratio Steady state growth rate Nordic countries workingpaper 2013 ftunivwollongong 2020-02-25T11:33:57Z We estimate, employing a “knowledge economy” approach, the steady state growth rate for the Nordic countries. An endogenous growth framework is developed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and development, and investment ratio. We identify the key variables having a significant level and growth effects within this framework. We find that education plays an important role on the long-run growth rates of Sweden, Norway, and Denmark; trade openness, instead, has growth effects in Sweden, Finland, and Iceland. The investment ratio is able to explain patterns of growth only in Finland. Surprisingly, research and development has no level or growth effects in any of the Nordic countries. This may be attributable to the fact that research and development are driven by openness and education. Policy measures are identified to improve the long-run growth rates for these countries. Report Iceland University of Wollongong, Australia: Research Online Norway |
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Open Polar |
collection |
University of Wollongong, Australia: Research Online |
op_collection_id |
ftunivwollongong |
language |
unknown |
topic |
Endogenous growth models Trade openness human capital investment ratio Steady state growth rate Nordic countries |
spellingShingle |
Endogenous growth models Trade openness human capital investment ratio Steady state growth rate Nordic countries Cooray, Arusha Lucchetta, Marcella Paradiso, Antonio A knowledge economy approach in empirical growth models for the Nordic countries |
topic_facet |
Endogenous growth models Trade openness human capital investment ratio Steady state growth rate Nordic countries |
description |
We estimate, employing a “knowledge economy” approach, the steady state growth rate for the Nordic countries. An endogenous growth framework is developed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and development, and investment ratio. We identify the key variables having a significant level and growth effects within this framework. We find that education plays an important role on the long-run growth rates of Sweden, Norway, and Denmark; trade openness, instead, has growth effects in Sweden, Finland, and Iceland. The investment ratio is able to explain patterns of growth only in Finland. Surprisingly, research and development has no level or growth effects in any of the Nordic countries. This may be attributable to the fact that research and development are driven by openness and education. Policy measures are identified to improve the long-run growth rates for these countries. |
format |
Report |
author |
Cooray, Arusha Lucchetta, Marcella Paradiso, Antonio |
author_facet |
Cooray, Arusha Lucchetta, Marcella Paradiso, Antonio |
author_sort |
Cooray, Arusha |
title |
A knowledge economy approach in empirical growth models for the Nordic countries |
title_short |
A knowledge economy approach in empirical growth models for the Nordic countries |
title_full |
A knowledge economy approach in empirical growth models for the Nordic countries |
title_fullStr |
A knowledge economy approach in empirical growth models for the Nordic countries |
title_full_unstemmed |
A knowledge economy approach in empirical growth models for the Nordic countries |
title_sort |
knowledge economy approach in empirical growth models for the nordic countries |
publisher |
Research Online |
publishDate |
2013 |
url |
https://ro.uow.edu.au/commwkpapers/336 https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1340&context=commwkpapers |
geographic |
Norway |
geographic_facet |
Norway |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Faculty of Business - Economics Working Papers |
op_relation |
https://ro.uow.edu.au/commwkpapers/336 https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1340&context=commwkpapers |
_version_ |
1766040094103306240 |