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Patents, innovations and economic : Growth in Japan and South Korea Evidence from individual country and panel data

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Frame of Image quarie University Address: Ritsumeikan Asia Pacific University Beppu, Oita 874-8577 JAPAN E-mail: dsinha@apu.ac.jp dipendra.sinha@gmail.com Abstract : This paper looks at the relationship between patents and economic growth in Japan and South Korea using both individual country and panel data. For the econometric estimation, we use annual data for 1963-2005. For Japan, we find that the logarithms of real GDP and the number of patents are cointegrated. For South Korea, we do find such evidence. For Japan, we find a two-way causality between the growth of real GDP and the growth of the number of patents. For panel data, we find that the logarithms of real GDP and the number of patents are cointegrated. We find some evidence that the growth of real GDP Granger causes the growth of the number of patents. However, we do not find any evidence of reverse causality. JEL Classification: C22, C23, O31
I. Introduction Both Japan and South Korea achieved very high rate of growth for a sustained period during the post-second world war era. The average growth rate of real GDP for Japan during 1955-2005 was 4.52%. Table 1 shows the average growth rate of GDP of Japan by decades for 1955-2005. As it can be seen from the table, the growth rate was particularly high during the 1950s and 1960s. The average growth rate of real GDP for South Korea during 1955-2005 was 6.59%. Table 2 shows the average growth rate of GDP of South Korea by the decades for 1955-2005. The average growth rate was parti


Full Text
Title Patents, innovations and economic
Similar Titles
Sub Title

Growth in Japan and South Korea Evidence from individual country and panel data

Material Type Reports
Author(English)

Sinha, Dipendra

Publisher

Ritsumeikan Asia Pacific University and Macquarie University

Date 2007
Pages 23
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic System
Government and Law < Laws and Legislation

Abstract

This paper looks at the relationship between patents and economic growth in Japan and South Korea using both individual country and panel data. For the econometric estimation, we use annual data for 1963-2005. For Japan, we find that the logarithms of real GDP and the number of patents are cointegrated. For South Korea, we do find such evidence. For Japan, we find a two-way causality between the growth of real GDP and the growth of the number of patents. For panel data, we find that the logarithms of real GDP and the number of patents are cointegrated. We find some evidence that the growth of real GDP Granger causes the growth of the number of patents. However, we do not find any evidence of reverse causality.