學術產出-Theses
Article View/Open
Publication Export
-
題名 政府債務對於創新影響的實證分析
An Empirical Study on the Impact of Government Debt on Innovation作者 林冠宏
Lin, Guan-Hong貢獻者 吳文傑
Wu, Wen-Chieh
林冠宏
Lin, Guan-Hong關鍵詞 創新
全球創新指數
專利權
政府債務
Innovation
Global Innovation Index
Patent
Government debt日期 2023 上傳時間 2-Aug-2023 14:00:03 (UTC+8) 摘要 本文旨在研究影響國家創新能力的因素，其中著重於分析政府債務的影響，並使用OECD部分會員國西元2008年至2019年的追蹤資料進行研究，探討各項因素對於國家創新能力所產生的效果。本文將政府債務對於國家創新能力的影響分為正向的創新建設效果與負向的債務排擠效果，相反的兩種效果加總後即為淨效果。這兩種效果的大小會因不同國家或時間的背景條件而有所差異，以不同的變數衡量創新也會得出不同結果，因此政府債務對創新的影響依國家、時間或創新衡量方式而異。實證結果顯示，政府債務對於國家創新有正向影響。隨機效果模型與一元固定效果模型中，政府債務對於全球創新指數、專利權申請數皆有顯著的正向影響；二元固定效果模型中，政府債務對於專利權申請數有顯著的正向影響，但對於全球創新指數為正向不顯著影響。因此創新建設效果大於債務排擠效果，政府債務能促進國家創新能力與創新產出增加，此結論異於過去創新相關文獻。推論原因是近年創新趨勢所需的資金與建設投入越來越多，當政府以公債投入創新建設時，除了能推動國家創新發展，更能進一步加速私人創新研發能力。另外，本文發現企業研究與發展支出、期刊研究數量、研究員數量對於創新具正向影響，為創新促進因子；政府研究與發展支出對於創新具負向影響，為創新惡化因子。
This paper aims to study the factors influencing national innovation capabilities, with a particular focus on the impact of government debt. The research is conducted using longitudinal data of selected OECD member countries from 2008 to 2019.The impact of government debt on national innovation capabilities is divided into two aspects: the innovation construction effect and the debt crowding out effect. The magnitude of these effects may vary across country or time periods, measuring innovation with different variables may also yield different results.The empirical results indicate that government debt has a positive effect on national innovation capabilities. In the random effects model and the one-way fixed effects model, government debt has a significant positive effect on Global Innovation Index and patent applications. In the two-way fixed effects model, government debt has a significant positive effect on patent applications, but the impact on the Global Innovation Index is insignificant. This result shows that the innovation construction effect outweighs the debt crowding out effect, enabling government debt to promote national innovation capabilities and increase innovation output. This conclusion differs from previous literature on innovation. It is inferred that the innovation trend in recent years necessitates a greater investment of funds and infrastructure. When the government invests in innovation and infrastructure through public debt, it not only promotes the country`s innovative development but also further accelerates private innovation and research capabilities.Furthermore, the empirical results show that enterprise research and development expenditure, the quantity of journal articles, and the number of researchers have a positive influence on innovation, serving as innovation-promoting factors. By contrast, government expenditures on research and development have a negative impact on innovation, acting as a innovation-deteriorating factors.參考文獻 Aali Bujari, A., & Venegas Martínez, F. (2016). Technological innovation and economic growth in Latin America. Revista mexicana de economía y finanzas, 11(2), 77-89.Andrijauskiene, M., & Dumčiuvienė, D. (2019). Inward Foreign Direct Investment and National Innovative Capacity. Engineering Economics, 30(3), 339-348. doi:10.5755/j01.ee.30.3.22832Ari, I., & Koc, M. (2018). Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt. Sustainability, 10(11), 3901. doi:10.3390/su10113901Becker, B. (2015). PUBLIC R&D POLICIES AND PRIVATE R&D INVESTMENT: A SURVEY OF THE EMPIRICAL EVIDENCE. Journal of Economic Surveys, 29(5), 917-942. doi:10.1111/joes.12074Brons, M. R. E., De Groot, H. L. F., & Nijkamp, P. (2000). Growth Effects of Governmental Policies: A Comparative Analysis in a Multi‐Country Context. Growth and Change, 31(4), 547-572. doi:10.1111/0017-4815.00144Cassia, A. R., Costa, I., & De Oliveira Neto, G. C. (2022). Assessment of the effect of IT infrastructure on the relationship between knowledge sharing and technological innovation capability: survey in multinational companies. Technology Analysis & Strategic Management, 1-21. doi:10.1080/09537325.2022.2069005Checherita-Westphal, C., & Rother, P. (2012). The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area. European economic review, 56(7), 1392-1405.Chen, C.-P., Hu, J.-L., & Yang, C.-H. (2011). An international comparison of R&D efficiency of multiple innovative outputs: The role of the national innovation system. Innovation, 13(3), 341-360.Chi, W., & Qian, X. (2010). The role of education in regional innovation activities: spatial evidence from China. Journal of the Asia Pacific Economy, 15(4), 396-419. doi:10.1080/13547860.2010.516158Coccia, M. (2013). What are the likely interactions among innovation, government debt, and employment? Innovation: The European Journal of Social Science Research, 26(4), 456-471. doi:10.1080/13511610.2013.863704Damanpour, F., & Schneider, M. (2009). Characteristics of innovation and innovation adoption in public organizations: Assessing the role of managers. Journal of public administration research and theory, 19(3), 495-522.DiPietro, W. R. (2012). Favorable and unfavorable conditions for innovation: Some cross country evidence. Asian Economic and Financial Review, 2(1), 14-19.Donate, M. J., & Guadamillas, F. (2011). Organizational factors to support knowledge management and innovation. Journal of knowledge management.Drucker, P. F. (1985). The discipline of innovation. Harvard business review, 63(3), 67-72.Fagerberg, J., & Srholec, M. (2008). National innovation systems, capabilities and economic development. Research Policy, 37(9), 1417-1435. doi:10.1016/j.respol.2008.06.003Fan, J., Liu, Y., Zhang, Q., & Zhao, P. (2022). Does government debt impede firm innovation? Evidence from the rise of LGFVs in China. Journal of Banking & Finance, 138, 106475.Freeman, C. (1987). Technology, policy, and economic performance: lessons from Japan: Burns & Oates.Freeman, C. (2004). Technological infrastructure and international competitiveness. Industrial and Corporate Change, 13(3), 541-569.Fu, X., & Yang, Q. G. (2009). Exploring the cross-country gap in patenting: A stochastic frontier approach. Research Policy, 38(7), 1203-1213.Furman, J. L., & Hayes, R. (2004). Catching up or standing still?: National innovative productivity among ‘follower’countries, 1978–1999. Research Policy, 33(9), 1329-1354.Furman, J. L., Porter, M. E., & Stern, S. (2002). The determinants of national innovative capacity. Research Policy, 31(6), 899-933. doi:10.1016/s0048-7333(01)00152-4Gavurova, B., Kocisova, K., Belas, L., & Krajcik, V. (2017). Relative efficiency of government expenditure on secondary education. Journal of International Studies, 10(2).Gong, G., & Keller, W. (2003). Convergence and polarization in global income levels: a review of recent results on the role of international technology diffusion. Research Policy, 32(6), 1055-1079.Grossman, G. M., & Helpman, E. (1991). Trade, knowledge spillovers, and growth. European economic review, 35(2-3), 517-526.Guellec, D., & Van Pottelsberghe, B. (2003). The impact of public R&D expenditure on business R&D*. Economics of Innovation and New Technology, 12(3), 225-243. doi:10.1080/10438590290004555Guloglu, B., & Tekin, R. B. (2012). A panel causality analysis of the relationship among research and development, innovation, and economic growth in high-income OECD countries. Eurasian Economic Review, 2, 32-47.Hajian, H., Mohamed, A., & Habibullah, M. S. (2017). The impact of government debt on output, private investment and human capital stock in Malaysia. Paper presented at the Global Conference on Business and Economics Research (GCBER 2017).Heinemann, F. (2002). Factor mobility, government debt and the decline in public investment.Hu, M.-C., & Mathews, J. A. (2005). National innovative capacity in East Asia. Research Policy, 34(9), 1322-1349.Hu, M.-C., & Mathews, J. A. (2008). China`s national innovative capacity. Research Policy, 37(9), 1465-1479.Kearney, C., & Hisrich, R. D. (2014). Entrepreneurship in developing economies: transformation, barriers and infrastructure. In Necessity Entrepreneurs (pp. 103-117): Edward Elgar Publishing.Koc, T., & Ceylan, C. (2007). Factors impacting the innovative capacity in large-scale companies. Technovation, 27(3), 105-114.Kousar, S., Ahmed, F., Afzal, M., & Segovia, J. E. T. (2023). Is government spending in the education and health sector necessary for human capital development? Humanities and Social Sciences Communications, 10(1). doi:10.1057/s41599-023-01514-3Krammer, S. M. (2009). Drivers of national innovation in transition: Evidence from a panel of Eastern European countries. Research Policy, 38(5), 845-860.Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of development Economics, 29(3), 253-268.Kurniawati, M. A. (2021). ICT infrastructure, innovation development and economic growth: a comparative evidence between two decades in OECD countries. International Journal of Social Economics, 48(1), 141-158.Law, S. H., Lee, W. C., & Singh, N. (2018). Revisiting the finance-innovation nexus: Evidence from a non-linear approach. Journal of Innovation & Knowledge, 3(3), 143-153.Lora, E., & Olivera, M. (2007). Public debt and social expenditure: Friends or foes? Emerging Markets Review, 8(4), 299-310. doi:10.1016/j.ememar.2006.12.004Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.Lundvall, B.-A. (1992). National systems of innovation: towards a theory of innovation and interactive learning.Malik, S. (2020). Macroeconomic determinants of innovation: Evidence from Asian countries. Global Business Review, 0972150919885494.Marmullaku, B., Avdimetaj, K., & Haziri, A. (2021). Impact of Public Investment through Public Debt on Economic Growth: Empirical Analysis in European Countries in Transition. Transition Studies Review, 28(2), 93.Maskus, K. E. (2000). Intellectual property rights and economic development. Case W. Res. J. Int`l L., 32, 471.Miron, E., Erez, M., & Naveh, E. (2004). Do personal characteristics and cultural values that promote innovation, quality, and efficiency compete or complement each other? Journal of organizational behavior, 25(2), 175-199.Mukim, M., & Nunnenkamp, P. (2012). The Location Choices of Foreign Investors: A District-level Analysis in India. The World Economy, 35(7), 886-918. doi:10.1111/j.1467-9701.2011.01393.xNelson, R. R. (1993). National innovation systems: a comparative analysis: Oxford University Press on Demand.Oche, M. O., Mah, G., & Mongale, I. (2016). The effects of public debt on foreign direct investment in South Africa (1983-2013): an empirical analysis. Risk Governance and Control: Financial Markets and Institutions, 6(4), 448-456.Oecd. (2010). The OECD innovation strategy: innovation to strengthen growth and address global and social challenges. In: OCDE Publications Paris.Oecd, E. (2005). Oslo manual: Guidelines for collecting and interpreting innovation data. Paris 2005, Sp, 46, 1-34.Pattillo, C. A., Poirson, H., & Ricci, L. A. (2002). External debt and growth.Picarelli, M. O., Vanlaer, W., & Marneffe, W. (2019). Does Public Debt Produce a Crowding out Effect for Public Investment in the EU? SSRN Electronic Journal. doi:10.2139/ssrn.3376471Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a Time of Debt. American economic review, 100(2), 573-578.Rodríguez‐Pose, A., & Wilkie, C. (2019). Innovating in less developed regions: What drives patenting in the lagging regions of Europe and North America. Growth and Change, 50(1), 4-37.Romer, P. M. (1990). Endogenous technological change. Journal of political Economy, 98(5, Part 2), S71-S102.Rosenberg, N. (2006). Innovation and economic growth.Saad, M., Guermat, C., & Brodie, L. (2015). National innovation and knowledge performance: the role of higher education teaching and training. Studies in Higher Education, 40(7), 1194-1209. doi:10.1080/03075079.2014.881344Sadiq, M., Wen, F., Bashir, M. F., & Amin, A. (2022). Does nuclear energy consumption contribute to human development? Modeling the effects of public debt and trade globalization in an OECD heterogeneous panel. Journal of Cleaner Production, 375, 133965.Sivak, R., Caplanova, A., & Hudson, J. (2011). The impact of governance and infrastructure on innovation. Post-Communist Economies, 23(02), 203-217. doi:10.1080/14631377.2011.570050Solow, R. M. (1957). Technical change and the aggregate production function. The review of Economics and Statistics, 312-320.Stiglitz, J. E. (1999). Knowledge as a global public good. Global public goods: International cooperation in the 21st century, 308, 308-325.Tan, A.-L., & Ismail, N. W. (2015). Foreign direct investment, sovereign debt and growth: Evidence for the Euro Area. American Journal of Trade and Policy, 2(2), 51-58.Tasleem, H. (2021). Impact of Public Debt on Health and Education in SAARC Countries. Journal of Education and Social Studies, 2(2), 52-58. doi:10.52223/jess.20212203Van Bon, N. (2015). The relationship between public debt and inflation in developing countries: Empirical evidence based on difference panel GMM. Asian Journal of Empirical Research, 5(9), 128-142.Varsakelis, N. C. (2006). Education, political institutions and innovative activity: A cross-country empirical investigation. Research Policy, 35(7), 1083-1090.Wu, J., Ma, Z., & Zhuo, S. (2017). Enhancing national innovative capacity: The impact of high-tech international trade and inward foreign direct investment. International Business Review, 26(3), 502-514.Xiong, F., Zang, L., & Gao, Y. (2022). Internet penetration as national innovation capacity: worldwide evidence on the impact of ICTs on innovation development. Information Technology for Development, 28(1), 39-55.Zhang, C., & Wang, X. (2019). The influence of ICT-driven innovation: a comparative study on national innovation efficiency between developed and emerging countries. Behaviour & Information Technology, 38(9), 876-886. doi:10.1080/0144929x.2019.1584645 描述 碩士
國立政治大學
財政學系
110255030資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110255030 資料類型 thesis dc.contributor.advisor 吳文傑 zh_TW dc.contributor.advisor Wu, Wen-Chieh en_US dc.contributor.author (Authors) 林冠宏 zh_TW dc.contributor.author (Authors) Lin, Guan-Hong en_US dc.creator (作者) 林冠宏 zh_TW dc.creator (作者) Lin, Guan-Hong en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 14:00:03 (UTC+8) - dc.date.available 2-Aug-2023 14:00:03 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 14:00:03 (UTC+8) - dc.identifier (Other Identifiers) G0110255030 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146550 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 110255030 zh_TW dc.description.abstract (摘要) 本文旨在研究影響國家創新能力的因素，其中著重於分析政府債務的影響，並使用OECD部分會員國西元2008年至2019年的追蹤資料進行研究，探討各項因素對於國家創新能力所產生的效果。本文將政府債務對於國家創新能力的影響分為正向的創新建設效果與負向的債務排擠效果，相反的兩種效果加總後即為淨效果。這兩種效果的大小會因不同國家或時間的背景條件而有所差異，以不同的變數衡量創新也會得出不同結果，因此政府債務對創新的影響依國家、時間或創新衡量方式而異。實證結果顯示，政府債務對於國家創新有正向影響。隨機效果模型與一元固定效果模型中，政府債務對於全球創新指數、專利權申請數皆有顯著的正向影響；二元固定效果模型中，政府債務對於專利權申請數有顯著的正向影響，但對於全球創新指數為正向不顯著影響。因此創新建設效果大於債務排擠效果，政府債務能促進國家創新能力與創新產出增加，此結論異於過去創新相關文獻。推論原因是近年創新趨勢所需的資金與建設投入越來越多，當政府以公債投入創新建設時，除了能推動國家創新發展，更能進一步加速私人創新研發能力。另外，本文發現企業研究與發展支出、期刊研究數量、研究員數量對於創新具正向影響，為創新促進因子；政府研究與發展支出對於創新具負向影響，為創新惡化因子。 zh_TW dc.description.abstract (摘要) This paper aims to study the factors influencing national innovation capabilities, with a particular focus on the impact of government debt. The research is conducted using longitudinal data of selected OECD member countries from 2008 to 2019.The impact of government debt on national innovation capabilities is divided into two aspects: the innovation construction effect and the debt crowding out effect. The magnitude of these effects may vary across country or time periods, measuring innovation with different variables may also yield different results.The empirical results indicate that government debt has a positive effect on national innovation capabilities. In the random effects model and the one-way fixed effects model, government debt has a significant positive effect on Global Innovation Index and patent applications. In the two-way fixed effects model, government debt has a significant positive effect on patent applications, but the impact on the Global Innovation Index is insignificant. This result shows that the innovation construction effect outweighs the debt crowding out effect, enabling government debt to promote national innovation capabilities and increase innovation output. This conclusion differs from previous literature on innovation. It is inferred that the innovation trend in recent years necessitates a greater investment of funds and infrastructure. When the government invests in innovation and infrastructure through public debt, it not only promotes the country`s innovative development but also further accelerates private innovation and research capabilities.Furthermore, the empirical results show that enterprise research and development expenditure, the quantity of journal articles, and the number of researchers have a positive influence on innovation, serving as innovation-promoting factors. By contrast, government expenditures on research and development have a negative impact on innovation, acting as a innovation-deteriorating factors. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究方法與範圍 4第三節 研究限制 5第四節 研究架構 6第二章 文獻回顧 8第一節 創新的定義 8第二節 創新相關研究 9第三節 政府支出與債務相關研究 13第四節 政府債務對創新影響相關研究 17第三章 研究方法及變數 19第一節 假說建立 19第二節 實證模型設定 21第三節 變數說明與資料來源 23第四章 敘述統計分析 31第一節 OECD各國創新能力比較 31第二節 OECD各國創新影響因素比較 32第三節 政府債務與創新相關性 37第四節 解釋變數相關性 38第五章 實證結果分析 40第一節 普通最小平方法 40第二節 隨機效果分析 41第三節 一元固定效果分析 44第四節 二元固定效果分析 48第六章 結論 60參考文獻 62附錄 67 zh_TW dc.format.extent 3026101 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110255030 en_US dc.subject (關鍵詞) 創新 zh_TW dc.subject (關鍵詞) 全球創新指數 zh_TW dc.subject (關鍵詞) 專利權 zh_TW dc.subject (關鍵詞) 政府債務 zh_TW dc.subject (關鍵詞) Innovation en_US dc.subject (關鍵詞) Global Innovation Index en_US dc.subject (關鍵詞) Patent en_US dc.subject (關鍵詞) Government debt en_US dc.title (題名) 政府債務對於創新影響的實證分析 zh_TW dc.title (題名) An Empirical Study on the Impact of Government Debt on Innovation en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aali Bujari, A., & Venegas Martínez, F. (2016). Technological innovation and economic growth in Latin America. Revista mexicana de economía y finanzas, 11(2), 77-89.Andrijauskiene, M., & Dumčiuvienė, D. (2019). Inward Foreign Direct Investment and National Innovative Capacity. Engineering Economics, 30(3), 339-348. doi:10.5755/j01.ee.30.3.22832Ari, I., & Koc, M. (2018). Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt. Sustainability, 10(11), 3901. doi:10.3390/su10113901Becker, B. (2015). PUBLIC R&D POLICIES AND PRIVATE R&D INVESTMENT: A SURVEY OF THE EMPIRICAL EVIDENCE. Journal of Economic Surveys, 29(5), 917-942. doi:10.1111/joes.12074Brons, M. R. E., De Groot, H. L. F., & Nijkamp, P. (2000). Growth Effects of Governmental Policies: A Comparative Analysis in a Multi‐Country Context. Growth and Change, 31(4), 547-572. doi:10.1111/0017-4815.00144Cassia, A. R., Costa, I., & De Oliveira Neto, G. C. (2022). Assessment of the effect of IT infrastructure on the relationship between knowledge sharing and technological innovation capability: survey in multinational companies. Technology Analysis & Strategic Management, 1-21. doi:10.1080/09537325.2022.2069005Checherita-Westphal, C., & Rother, P. (2012). The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area. European economic review, 56(7), 1392-1405.Chen, C.-P., Hu, J.-L., & Yang, C.-H. (2011). An international comparison of R&D efficiency of multiple innovative outputs: The role of the national innovation system. Innovation, 13(3), 341-360.Chi, W., & Qian, X. (2010). The role of education in regional innovation activities: spatial evidence from China. Journal of the Asia Pacific Economy, 15(4), 396-419. doi:10.1080/13547860.2010.516158Coccia, M. (2013). What are the likely interactions among innovation, government debt, and employment? Innovation: The European Journal of Social Science Research, 26(4), 456-471. doi:10.1080/13511610.2013.863704Damanpour, F., & Schneider, M. (2009). Characteristics of innovation and innovation adoption in public organizations: Assessing the role of managers. Journal of public administration research and theory, 19(3), 495-522.DiPietro, W. R. (2012). Favorable and unfavorable conditions for innovation: Some cross country evidence. Asian Economic and Financial Review, 2(1), 14-19.Donate, M. J., & Guadamillas, F. (2011). Organizational factors to support knowledge management and innovation. Journal of knowledge management.Drucker, P. F. (1985). The discipline of innovation. Harvard business review, 63(3), 67-72.Fagerberg, J., & Srholec, M. (2008). National innovation systems, capabilities and economic development. Research Policy, 37(9), 1417-1435. doi:10.1016/j.respol.2008.06.003Fan, J., Liu, Y., Zhang, Q., & Zhao, P. (2022). Does government debt impede firm innovation? Evidence from the rise of LGFVs in China. Journal of Banking & Finance, 138, 106475.Freeman, C. (1987). Technology, policy, and economic performance: lessons from Japan: Burns & Oates.Freeman, C. (2004). Technological infrastructure and international competitiveness. Industrial and Corporate Change, 13(3), 541-569.Fu, X., & Yang, Q. G. (2009). Exploring the cross-country gap in patenting: A stochastic frontier approach. Research Policy, 38(7), 1203-1213.Furman, J. L., & Hayes, R. (2004). Catching up or standing still?: National innovative productivity among ‘follower’countries, 1978–1999. Research Policy, 33(9), 1329-1354.Furman, J. L., Porter, M. E., & Stern, S. (2002). The determinants of national innovative capacity. Research Policy, 31(6), 899-933. doi:10.1016/s0048-7333(01)00152-4Gavurova, B., Kocisova, K., Belas, L., & Krajcik, V. (2017). Relative efficiency of government expenditure on secondary education. Journal of International Studies, 10(2).Gong, G., & Keller, W. (2003). Convergence and polarization in global income levels: a review of recent results on the role of international technology diffusion. Research Policy, 32(6), 1055-1079.Grossman, G. M., & Helpman, E. (1991). Trade, knowledge spillovers, and growth. European economic review, 35(2-3), 517-526.Guellec, D., & Van Pottelsberghe, B. (2003). The impact of public R&D expenditure on business R&D*. Economics of Innovation and New Technology, 12(3), 225-243. doi:10.1080/10438590290004555Guloglu, B., & Tekin, R. B. (2012). A panel causality analysis of the relationship among research and development, innovation, and economic growth in high-income OECD countries. Eurasian Economic Review, 2, 32-47.Hajian, H., Mohamed, A., & Habibullah, M. S. (2017). The impact of government debt on output, private investment and human capital stock in Malaysia. Paper presented at the Global Conference on Business and Economics Research (GCBER 2017).Heinemann, F. (2002). Factor mobility, government debt and the decline in public investment.Hu, M.-C., & Mathews, J. A. (2005). National innovative capacity in East Asia. Research Policy, 34(9), 1322-1349.Hu, M.-C., & Mathews, J. A. (2008). China`s national innovative capacity. Research Policy, 37(9), 1465-1479.Kearney, C., & Hisrich, R. D. (2014). Entrepreneurship in developing economies: transformation, barriers and infrastructure. In Necessity Entrepreneurs (pp. 103-117): Edward Elgar Publishing.Koc, T., & Ceylan, C. (2007). Factors impacting the innovative capacity in large-scale companies. Technovation, 27(3), 105-114.Kousar, S., Ahmed, F., Afzal, M., & Segovia, J. E. T. (2023). Is government spending in the education and health sector necessary for human capital development? Humanities and Social Sciences Communications, 10(1). doi:10.1057/s41599-023-01514-3Krammer, S. M. (2009). Drivers of national innovation in transition: Evidence from a panel of Eastern European countries. Research Policy, 38(5), 845-860.Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of development Economics, 29(3), 253-268.Kurniawati, M. A. (2021). ICT infrastructure, innovation development and economic growth: a comparative evidence between two decades in OECD countries. International Journal of Social Economics, 48(1), 141-158.Law, S. H., Lee, W. C., & Singh, N. (2018). Revisiting the finance-innovation nexus: Evidence from a non-linear approach. Journal of Innovation & Knowledge, 3(3), 143-153.Lora, E., & Olivera, M. (2007). Public debt and social expenditure: Friends or foes? Emerging Markets Review, 8(4), 299-310. doi:10.1016/j.ememar.2006.12.004Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.Lundvall, B.-A. (1992). National systems of innovation: towards a theory of innovation and interactive learning.Malik, S. (2020). Macroeconomic determinants of innovation: Evidence from Asian countries. Global Business Review, 0972150919885494.Marmullaku, B., Avdimetaj, K., & Haziri, A. (2021). Impact of Public Investment through Public Debt on Economic Growth: Empirical Analysis in European Countries in Transition. Transition Studies Review, 28(2), 93.Maskus, K. E. (2000). Intellectual property rights and economic development. Case W. Res. J. Int`l L., 32, 471.Miron, E., Erez, M., & Naveh, E. (2004). Do personal characteristics and cultural values that promote innovation, quality, and efficiency compete or complement each other? Journal of organizational behavior, 25(2), 175-199.Mukim, M., & Nunnenkamp, P. (2012). The Location Choices of Foreign Investors: A District-level Analysis in India. The World Economy, 35(7), 886-918. doi:10.1111/j.1467-9701.2011.01393.xNelson, R. R. (1993). National innovation systems: a comparative analysis: Oxford University Press on Demand.Oche, M. O., Mah, G., & Mongale, I. (2016). The effects of public debt on foreign direct investment in South Africa (1983-2013): an empirical analysis. Risk Governance and Control: Financial Markets and Institutions, 6(4), 448-456.Oecd. (2010). The OECD innovation strategy: innovation to strengthen growth and address global and social challenges. In: OCDE Publications Paris.Oecd, E. (2005). Oslo manual: Guidelines for collecting and interpreting innovation data. Paris 2005, Sp, 46, 1-34.Pattillo, C. A., Poirson, H., & Ricci, L. A. (2002). External debt and growth.Picarelli, M. O., Vanlaer, W., & Marneffe, W. (2019). Does Public Debt Produce a Crowding out Effect for Public Investment in the EU? SSRN Electronic Journal. doi:10.2139/ssrn.3376471Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a Time of Debt. American economic review, 100(2), 573-578.Rodríguez‐Pose, A., & Wilkie, C. (2019). Innovating in less developed regions: What drives patenting in the lagging regions of Europe and North America. Growth and Change, 50(1), 4-37.Romer, P. M. (1990). Endogenous technological change. Journal of political Economy, 98(5, Part 2), S71-S102.Rosenberg, N. (2006). Innovation and economic growth.Saad, M., Guermat, C., & Brodie, L. (2015). National innovation and knowledge performance: the role of higher education teaching and training. Studies in Higher Education, 40(7), 1194-1209. doi:10.1080/03075079.2014.881344Sadiq, M., Wen, F., Bashir, M. F., & Amin, A. (2022). Does nuclear energy consumption contribute to human development? Modeling the effects of public debt and trade globalization in an OECD heterogeneous panel. Journal of Cleaner Production, 375, 133965.Sivak, R., Caplanova, A., & Hudson, J. (2011). The impact of governance and infrastructure on innovation. Post-Communist Economies, 23(02), 203-217. doi:10.1080/14631377.2011.570050Solow, R. M. (1957). Technical change and the aggregate production function. The review of Economics and Statistics, 312-320.Stiglitz, J. E. (1999). Knowledge as a global public good. Global public goods: International cooperation in the 21st century, 308, 308-325.Tan, A.-L., & Ismail, N. W. (2015). Foreign direct investment, sovereign debt and growth: Evidence for the Euro Area. American Journal of Trade and Policy, 2(2), 51-58.Tasleem, H. (2021). Impact of Public Debt on Health and Education in SAARC Countries. Journal of Education and Social Studies, 2(2), 52-58. doi:10.52223/jess.20212203Van Bon, N. (2015). The relationship between public debt and inflation in developing countries: Empirical evidence based on difference panel GMM. Asian Journal of Empirical Research, 5(9), 128-142.Varsakelis, N. C. (2006). Education, political institutions and innovative activity: A cross-country empirical investigation. Research Policy, 35(7), 1083-1090.Wu, J., Ma, Z., & Zhuo, S. (2017). Enhancing national innovative capacity: The impact of high-tech international trade and inward foreign direct investment. International Business Review, 26(3), 502-514.Xiong, F., Zang, L., & Gao, Y. (2022). Internet penetration as national innovation capacity: worldwide evidence on the impact of ICTs on innovation development. Information Technology for Development, 28(1), 39-55.Zhang, C., & Wang, X. (2019). The influence of ICT-driven innovation: a comparative study on national innovation efficiency between developed and emerging countries. Behaviour & Information Technology, 38(9), 876-886. doi:10.1080/0144929x.2019.1584645 zh_TW
