| Budget Amount *help |
¥10,270,000 (Direct Cost: ¥7,900,000、Indirect Cost: ¥2,370,000)
Fiscal Year 2015: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2014: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2013: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
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| Outline of Final Research Achievements |
We investigated the mechanism of European Financial Crisis from the viewpoint of productivity. In particular we estimated the effects of international R&D spillovers as well as domestic R&D stock on productivity. The marginal social return (MSR) of R&D stock is defined as the increase in gross output of all the countries generated by a marginal increase in R&D stock of one country, taking the induced changes in R&D stocks of other countries into consideration, while the marginal private return (MPR) is defined as the increase in gross output of one country generated by a marginal increase in its own R&D stock. We find that the MSR is much larger than the MPR for R&D intensive countries, which might be responsible for low economic growth of relatively new EU accession countries. We also investigated the relationship between economic growth and public debt, based on panel VAR method. We find that there is causality from economic growth to public debt, but not the other way around.
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