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What is FMOLS

Chapter 17
Handbook of Research on Decision-Making Techniques in Financial Marketing
Full Modified Ordinary Least Square
Published in Chapter:
The Relationship Between Economic Growth and Innovation: Panel Data Analysis on Chosen OECD Countries
Samet Akça (KTO Karatay University, Turkey) and Bilge Afşar (KTO Karatay University, Turkey)
Copyright: © 2020 |Pages: 25
DOI: 10.4018/978-1-7998-2559-3.ch017
Abstract
This chapter studies innovation and economic growth and emphasizes their relationship. In this context; innovation and economic growth outputs of 16 OECD countries between 2005 and 2015 are analyzed. GDP is considered as economic growth variable, R&D investments in GDP (%), and patent applications are considered as innovation variables. In light of these variables, panel data analyze is used. Unit root, Pedroni co-integration and FMOLS tests were applied with the order. As a result, the increase in patent applications and R&D investments was found to have a positive effect on economic growth.
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