@techreport{d9f5ee478d0c4f8c961c5b139718546d,
title = "Mission-oriented R&D and growth of Japan 1988-2016: A comparison with private and public R&D",
abstract = "We analyze the dynamic interaction of Japan's total factor productivity (TFP), GDP, stocks of domestic and foreign private and public as well as mission-oriented R&D, called GBARD in OECD statistics, in a vector-error-correction model (VECM) for Japan with stock data for the period 1987-2016. Permanent policy changes show the following main results: (i) GBARD as well as private and public R&D each encourage growth rates of the other R&D stocks and of TFP and GDP, and all have high internal rates of return; (ii) Japan's R&D policies affect and are affected by foreign R&D; in particular, Japan's public R&D has a positive impact on European private R&D, whereas other OECD countries' R&D has a negative one; (iii) permanent foreign public R&D changes are detrimental to Japan's growth of TFP and GDP. Japan's R&D policies should be supported by education policies enhancing especially the number of PhDs and IT personnel.",
keywords = "R&D, cointegrated vector-auto-regression model (VECM), cointegration, productivity, growth",
author = "Thomas Ziesemer",
year = "2022",
month = oct,
day = "20",
language = "English",
series = "UNU-MERIT Working Papers",
publisher = "UNU-MERIT, Maastricht Economic and Social Research and Training Centre on Innovation and Technology",
number = "034",
type = "WorkingPaper",
institution = "UNU-MERIT, Maastricht Economic and Social Research and Training Centre on Innovation and Technology",
}