Does Technological Innovation Drive Economic Growth? Panel Evidence from East Asian Economies (1996-2024)
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Alibay Mammadli
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In contemporary economic thought, technological innovation is considered a key driver of sustainable growth and global competitive advantage. However, published studies have yielded different empirical results depending on the country samples selected and their level of development. The aim of this study is to investigate the impact of technological innovation on economic growth within an empirical framework. Panel data analysis and random effects were used to estimate the model. To obtain accurate estimates, taking into account heterogeneity, autocorrelation, and cross-dependencies, the analyses were augmented using Driscoll-Cree standard errors. The results show that the impact of innovation on economic growth can be either positive or negative, depending on the country's level of technological maturity and its institutional infrastructure.
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Authors
Alibay Mammadli
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