Factors Determining High-Tech Product Exports of E7 and G7 Countries: Panel Cointegration Analysis
Keywords:
High-tech product exports, E7 and G7 countries, panel cointegration analysisAbstract
The aim of this study is to determine the factors affecting the high technology product exports of E7 countries China, Indonesia, Turkey, Brazil, Russia, India, Mexico and G7 countries Italy, Japan, England, America, Canada, France, Germany with panel cointegration analysis. Panel cointegration analysis was conducted using R&D expenditures, ICT usage index, foreign direct investments, GDP growth rate, government efficiency index, gross capital formation, number of scientific and technical articles, which are among the selected factors affecting high-tech product exports. Data were obtained from the www.worldbank.org database, using annual data for the period 2010-2020. As a result of the analysis, it has been determined that R&D expenditures and GDP growth rate are more effective in the export of high technology products of E7-G7 countries in the long run than other variables. While R&D expenditures and GDP growth rate came to the fore, respectively, among the factors affecting high technology product exports in G7 country groups, GDP growth rate and capital formation were more effective in E7 countries. For the panel in general, it has been revealed that the independent variables considered in both country groups have a positive effect on high technology product exports.
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