The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth

In this paper, we assess the role of investment in research and development (R&D) and economic policy uncertainty (EPU) in Sri Lanka’s economic growth experience. We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity (TFP) in the...

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Autores principales: Amarasekara, Chandranath, Iyke, Bernard Njindan, Narayan, Paresh Kumar
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2022
Materias:
Research
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8758231/
https://www.ncbi.nlm.nih.gov/pubmed/35043083
http://dx.doi.org/10.1186/s40854-021-00322-5
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author Amarasekara, Chandranath
Iyke, Bernard Njindan
Narayan, Paresh Kumar
author_facet Amarasekara, Chandranath
Iyke, Bernard Njindan
Narayan, Paresh Kumar
author_sort Amarasekara, Chandranath
collection PubMed
description In this paper, we assess the role of investment in research and development (R&D) and economic policy uncertainty (EPU) in Sri Lanka’s economic growth experience. We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity (TFP) in the country. Using historical time series data (1980–2018), we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka. This evidence suggests that R&D is critical to the country’s TFP expansion. We find that, through R&D, EPU has a crucial detrimental impact on TFP growth, although it is short-lived. Our findings are robust and have important implications for R&D investment and for moderating EPU.
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spelling pubmed-87582312022-01-14 The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth Amarasekara, Chandranath Iyke, Bernard Njindan Narayan, Paresh Kumar Financ Innov Research In this paper, we assess the role of investment in research and development (R&D) and economic policy uncertainty (EPU) in Sri Lanka’s economic growth experience. We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity (TFP) in the country. Using historical time series data (1980–2018), we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka. This evidence suggests that R&D is critical to the country’s TFP expansion. We find that, through R&D, EPU has a crucial detrimental impact on TFP growth, although it is short-lived. Our findings are robust and have important implications for R&D investment and for moderating EPU. Springer Berlin Heidelberg 2022-01-14 2022 /pmc/articles/PMC8758231/ /pubmed/35043083 http://dx.doi.org/10.1186/s40854-021-00322-5 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Research
Amarasekara, Chandranath
Iyke, Bernard Njindan
Narayan, Paresh Kumar
The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title_full The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title_fullStr The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title_full_unstemmed The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title_short The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
title_sort role of r&d and economic policy uncertainty in sri lanka’s economic growth
topic Research
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8758231/
https://www.ncbi.nlm.nih.gov/pubmed/35043083
http://dx.doi.org/10.1186/s40854-021-00322-5
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