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<p>This paper empirically examines the role of innovation and other macroeconomic variables in economic growth, with a focus on patent applications, R&amp;D expenditure, foreign direct investment, international trade, the innovation efficiency index, labor force, gross fixed capital formation, and the contribution of the manufacturing and services sectors. In addition, a dummy variable capturing the period of the global financial crisis is included. The key research question is whether and how these variables affect the annual rate of change in GDP. The analysis is based on panel data for 13 countries with high innovation activity (Austria, Belgium, Denmark, Finland, France, Germany, Israel, Japan, Korea, the Netherlands, Turkey, the UK, and the USA) for the period 1996–2021. The data were obtained from the World Bank, and several static econometric models (fixed effects and random effects) and dynamic panel data models (Arellano-bond GMM, system GMM, and linear DPD) were used for the analysis, after prior checks for stationarity (IPS) and multicollinearity (VIF). The main findings show that trade and FDI positively affect GDP growth, while R&amp;D spending has a short-term negative impact, whereas patents have only limited effects, indicating that innovation alone is insufficient for economic gains, thus emphasizing the need for supportive policies.</p>

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Do Patents Drive Economic Growth: Dynamic Panel Data Evidence from Selected Economies

  • 期刊论文

  • 发表日期：

    2025年11月18日

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  • Konstantinos N. Konstantakis,
  • Panayotis G. Michaelides,
  • Theodoulos-Eleftherios Papadakis,
  • Dimitrios L. Stamos,
  • Vasiliki C. Tsitsou

摘要

This paper empirically examines the role of innovation and other macroeconomic variables in economic growth, with a focus on patent applications, R&D expenditure, foreign direct investment, international trade, the innovation efficiency index, labor force, gross fixed capital formation, and the contribution of the manufacturing and services sectors. In addition, a dummy variable capturing the period of the global financial crisis is included. The key research question is whether and how these variables affect the annual rate of change in GDP. The analysis is based on panel data for 13 countries with high innovation activity (Austria, Belgium, Denmark, Finland, France, Germany, Israel, Japan, Korea, the Netherlands, Turkey, the UK, and the USA) for the period 1996–2021. The data were obtained from the World Bank, and several static econometric models (fixed effects and random effects) and dynamic panel data models (Arellano-bond GMM, system GMM, and linear DPD) were used for the analysis, after prior checks for stationarity (IPS) and multicollinearity (VIF). The main findings show that trade and FDI positively affect GDP growth, while R&D spending has a short-term negative impact, whereas patents have only limited effects, indicating that innovation alone is insufficient for economic gains, thus emphasizing the need for supportive policies.