An Empirical Study on European Financial Crisis based on Panel Data of European Firms

2015 Fiscal Year Final Research Report

• Project/Area Number: 25285068
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Partial Multi-year Fund
• Section: 一般
• Research Field: Economic statistics
• Research Institution: Osaka University
• Principal Investigator: Ogawa Kazuo 大阪大学, 社会経済研究所, 教授 (90160746)
• Co-Investigator(Kenkyū-buntansha): TOKUTSU Ichiro 神戸大学, 大学院経営学研究科, 教授 (80140119)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 欧州金融危機 / 政府債務 / 総要素生産性 / 研究開発投資 / スピルオーバー / 限界社会収益 / 限界私的収益

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.

Free Research Field

応用計量経済学