Macroeconomic Determinants of Technological Progress in Major Eurozone Member Countries

Yilmaz Bayar

Abstract


Technological progress is one of the key factors that determine economic growth in both the exogenous growth models and the endogenous growth models. Therefore, technological progress is very important to achieve a sustainable economic growth. In this regard, macroeconomic environment exhibits importance for the decisions of the technological investments by both the governments and the firms which are one of the important determinants in the process of technological progress. This study investigates the relationship between technological progress and some key macroeconomic indicators including economic growth, financial development, inflation, foreign direct investment inflows, savings, high technology exports and research and development expenditures in major Eurozone countries during the period 1999-2012 by using panel Poisson regression and negative binomial regression. The findings from the both models indicated that economic growth, financial development, savings, research and development expenditures and high technology exports had positive impact on technological progress. 

Keywords


Macroeconomics; Technology; Eurozone

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International Journal of Economic Practices and Theories (IJEPT) ISSN: 2247 – 7225 (online)