Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations?
Investments, scientific patents, export and import of high-tech goods and services stimulate the country’s technological development, contribute to economic growth, job creation, the formation of a qualified workforce, and the maintenance of social living standards of the population. At the same tim...
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Academic Research and Publishing UG
2023-12-01
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| Series: | Financial Markets, Institutions and Risks |
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| author | Iryna Pozovna Dariusz Krawczyk Vadym Babenko |
| author_facet | Iryna Pozovna Dariusz Krawczyk Vadym Babenko |
| author_sort | Iryna Pozovna |
| collection | DOAJ |
| description | Investments, scientific patents, export and import of high-tech goods and services stimulate the country’s technological development, contribute to economic growth, job creation, the formation of a qualified workforce, and the maintenance of social living standards of the population. At the same time, the ecosystem supporting technological innovation is largely dependent on macroeconomic stability in the country, inflationary fluctuations, etc. Based on this, the article examines systemic interrelationships between the factors of technological development (export and import of computer, information, telecommunications and other high-tech goods and services, investments in advanced research and technologies, volumes of transfer of rights to new technological developments, as well as general the level of coverage of the population by information technologies and innovativeness of the country) and macroeconomic development (gross domestic and national product, inflation rate). The research was carried out using the method of Principal component analysis, canonical analysis, panel regression modeling on the data of 11 countries with developed economies for 2011 and 2021 (World Bank and WIPO statistical databases). From 14 indicators of technological development, the 8 most relevant ones were selected using the method of Principal component analysis; by means of canonical analysis, it was found that 32.503% (in 2011) and 37.557% (in 2021) of their variation is due to changes in the studied macroeconomic indicators. On the other hand, the change in macroeconomic indicators by 46.497% (in 2011) and 38.739% (in 2021) is caused by the variation of indicators of investment, transfer, export and import of advanced technologies. Thus, macroeconomic dynamics depend much more on technological development, and not vice versa. Based on the conducted panel regression modeling, a statistically significant dependence of the inflation index on the share of the population that is Internet users and the country's place in the Global Innovation Index was revealed. GDP per capita was found to be dependent on the share of exports of high-tech goods and services, the share of exports of goods in the field of information and communication technologies, the share of the population that are Internet users, the country's place in the Global Innovation Index. State investments in research and technological development turned out to be dependent on the inflation index, the share of imports of computer, information and other services, the share of exports of goods in the field of information and communication technologies, the share of the population that are Internet users, and the country’s place in the Global Innovation Index. |
| format | Article |
| id | doaj-art-5dec5497441e42b5aaef2dabdc2db46d |
| institution | OA Journals |
| issn | 2521-1250 2521-1242 |
| language | English |
| publishDate | 2023-12-01 |
| publisher | Academic Research and Publishing UG |
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| series | Financial Markets, Institutions and Risks |
| spelling | doaj-art-5dec5497441e42b5aaef2dabdc2db46d2025-08-20T02:15:41ZengAcademic Research and Publishing UGFinancial Markets, Institutions and Risks2521-12502521-12422023-12-017416818810.61093/fmir.7(4).168-188.2023Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations?Iryna Pozovna0https://orcid.org/0000-0003-1934-7031Dariusz Krawczyk1https://orcid.org/0000-0003-1823-0309Vadym Babenko2https://orcid.org/0009-0007-1604-3645PhD in economics, Department of Economic Cybernetics, Educational and Research Institute of Business, Economics and Management, Sumy State University, UkrainePhD, Department of Applied Social Sciences, Faculty of Organization and Management Silesian University of Technology, PolandStudent of the Department of Economic Cybernetics, Educational and Research Institute of Business, Economics and Management, Sumy State University, UkraineInvestments, scientific patents, export and import of high-tech goods and services stimulate the country’s technological development, contribute to economic growth, job creation, the formation of a qualified workforce, and the maintenance of social living standards of the population. At the same time, the ecosystem supporting technological innovation is largely dependent on macroeconomic stability in the country, inflationary fluctuations, etc. Based on this, the article examines systemic interrelationships between the factors of technological development (export and import of computer, information, telecommunications and other high-tech goods and services, investments in advanced research and technologies, volumes of transfer of rights to new technological developments, as well as general the level of coverage of the population by information technologies and innovativeness of the country) and macroeconomic development (gross domestic and national product, inflation rate). The research was carried out using the method of Principal component analysis, canonical analysis, panel regression modeling on the data of 11 countries with developed economies for 2011 and 2021 (World Bank and WIPO statistical databases). From 14 indicators of technological development, the 8 most relevant ones were selected using the method of Principal component analysis; by means of canonical analysis, it was found that 32.503% (in 2011) and 37.557% (in 2021) of their variation is due to changes in the studied macroeconomic indicators. On the other hand, the change in macroeconomic indicators by 46.497% (in 2011) and 38.739% (in 2021) is caused by the variation of indicators of investment, transfer, export and import of advanced technologies. Thus, macroeconomic dynamics depend much more on technological development, and not vice versa. Based on the conducted panel regression modeling, a statistically significant dependence of the inflation index on the share of the population that is Internet users and the country's place in the Global Innovation Index was revealed. GDP per capita was found to be dependent on the share of exports of high-tech goods and services, the share of exports of goods in the field of information and communication technologies, the share of the population that are Internet users, the country's place in the Global Innovation Index. State investments in research and technological development turned out to be dependent on the inflation index, the share of imports of computer, information and other services, the share of exports of goods in the field of information and communication technologies, the share of the population that are Internet users, and the country’s place in the Global Innovation Index.https://armgpublishing.com/wp-content/uploads/2024/01/FMIR_4_2023_13.pdfexportimporttechnological developmenteconomic growthinflationinvestmentsgdppatentsinnovations |
| spellingShingle | Iryna Pozovna Dariusz Krawczyk Vadym Babenko Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? Financial Markets, Institutions and Risks export import technological development economic growth inflation investments gdp patents innovations |
| title | Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? |
| title_full | Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? |
| title_fullStr | Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? |
| title_full_unstemmed | Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? |
| title_short | Advanced Technology Investment, Transfer, Export and Import: Determinants or Predictors of Economic Growth and Inflation Fluctuations? |
| title_sort | advanced technology investment transfer export and import determinants or predictors of economic growth and inflation fluctuations |
| topic | export import technological development economic growth inflation investments gdp patents innovations |
| url | https://armgpublishing.com/wp-content/uploads/2024/01/FMIR_4_2023_13.pdf |
| work_keys_str_mv | AT irynapozovna advancedtechnologyinvestmenttransferexportandimportdeterminantsorpredictorsofeconomicgrowthandinflationfluctuations AT dariuszkrawczyk advancedtechnologyinvestmenttransferexportandimportdeterminantsorpredictorsofeconomicgrowthandinflationfluctuations AT vadymbabenko advancedtechnologyinvestmenttransferexportandimportdeterminantsorpredictorsofeconomicgrowthandinflationfluctuations |