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        DOES PUBLIC R&D CROWD OUT PRIVATE R&D? A NOTE FROM TAIWAN, ROC

        YEMANE WOLDE-RUFAEL 중앙대학교 경제연구소 2009 Journal of Economic Development Vol.34 No.1

        This paper tests the cointegration and causal relationship between aggregate public R&D and private R&D for Taiwan for the period 1979-2007 using a newly developed cointegration test proposed by Pesaran et al. (2001) and using a modified version of the Granger causality test due to Toda and Yamamoto (1995). The paper finds a long run cointegrating relationship between public and private R&D and a bi-directional causality where they complement each other. The Government of the ROC should continue to invest not only to stimulate private R&D but also to enable the country to compete more globally in technology-intensive products.

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        Another look at the Relationship between Telecommunications Investment and Economic Activity in the United States

        Yemane Wolde-Rufael 한국국제경제학회 2007 International Economic Journal Vol.21 No.2

        In a recent issue of this journal, Beil, et al. (2005, hereafter, BFJ) examined the relationship between telecommunications investment and economic growth in the United States over the period 1947-1996. Based on results from Granger-Sims test, BFJ conclude that " investment by telecommunications firms is caused by, but does not cause, economic activity, and the findings are robust across lag lengths". However, using another version of the Granger causality test due to Toda and Yamamoto (1995) and the same data set transformed into natural logarithms, the evidence in this paper indicates a feedback where there was a bi-directional causality between telecommunications investment and economic growth. This seems to suggest that policies aimed at stimulating the U.S. economy by accelerating investment in the telecommunications sector may be successful. JEL: C22 E22

      • KCI등재

        DOES PUBLIC R & D CROWD OUT PRIVATE R & D : A NOTE FROM TAIWAN,ROC

        YEMANE WOLDE-RUFAEL 경제연구소 2009 Journal of Economic Development Vol.34 No.1

        This paper tests the cointegration and causal relationship between aggregate public R&D and private R&D for Taiwan for the period 1979-2007 using a newly developed cointegration test proposed by Pesaran et al. (2001) and using a modified version of the Granger causality test due to Toda and Yamamoto (1995). The paper finds a long run cointegrating relationship between public and private R&D and a bi-directional causality where they complement each other. The Government of the ROC should continue to invest not only to stimulate private R&D but also to enable the country to compete more globally in technology-intensive products.

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