• Financial Deepening and Economic Growth Linkages: A Panel Data Analysis

      Apergis, Nicholas; Fillipidis, Ioannis; Economidou, Claire; University of Piraeus; University of Piraeus; University of Utrecht (Springer, 2007-04)
      The paper examines whether a long-run relationship between financial development and economic growth exists employing panel integration and cointegration techniques for a dynamic heterogeneous panel of 15 OECD and 50 non-OECD countries over the period 1975–2000. Three different measures of financial deepening are used to capture the variety of different channels through which financial development can affect growth. Our findings support the existence of a single long-run equilibrium relation between financial deepening, economic growth and a set of control variables. Further, the evidence points to a bi-directional causality between financial deepening and growth.
    • Innovation, Technology Transfer and Labor Productivity Linkages: Evidence from a Panel of Manufacturing Industries

      Apergis, Nicholas; Economidou, Claire; Fillipidis, Ioannis; University of Piraeus; University of Utrecht; Aristotelian University of Thessaloniki (Springer, 2008-10)
      The paper explores the linkages between labour productivity, innovation and technology spillovers in a panel of manufacturing industries. The roles of R&D, human capital and international trade are considered in stimulating innovation and/or facilitating technology transfer. Using panel-based unit root tests and cointegration analysis, the results indicate the existence of a single long-run equilibrium relation between labour productivity, innovation and technology transfer. Further, R&D, trade and human capital have statistically and, especially the latter, quantitatively important effects on labour productivity both directly via innovation and indirectly as they enhance technology diffusion.
    • International technology spillovers, human capital and productivity linkages: evidence from the industrial sector

      Apergis, Nicholas; Economidou, Claire; Filippidis, Ioannis; University of Piraeus; University of Utrecht; Aristotelian University of Thessaloniki (Springer, 2009-11)
      The paper estimates an empirical model that is consistent with a variety of Research and Development (R&D)-driven models of growth where technology is transmitted via trade to other industries, both domestically and internationally, by being embodied in differentiated intermediate goods. The evidence is based on data from 21 manufacturing industries in six European Union countries for the period 1980–1997. The contribution of the paper lies in showing how by including human capital in the model and employing suitable econometric procedures the magnitude of R&D spillovers reported in the existing literature can be affected, while pointing to a major role of human capital in economic growth process.