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Yayın The relationship between patents and economic growth: a panel VAR and causality analyses on OECD countries(Işık Üniversitesi, 2023-06-21) Özkan Yıldız, Öznur; Görkey, Selda; Işık Üniversitesi, Lisansüstü Eğitim Enstitüsü, Uygulamalı Ekonomi Yüksek Lisans ProgramıThe patent subject requires a comprehensive analysis both theoretically and empirically as it is related to many concepts. Patenting is important not only for the patent owner, but also for society and the country. Over the years, the causes of economic growth have been put forward in various ways in different growth models. Sustainable economic growth can be achieved by the creation of innovation by industries that carry out R&D activities and the continuous feeding of innovation with R&D, according to R&D-based endogenous growth models. The innovation process is depicted as a cumulative one in which new innovations build on past achievements. Empirical evidence demonstrates that patents, as a form of intellectual property rights contribute to economic growth. Especially in knowledge-based new economies, patents play a essential role in the decisions of countries and companies to invest in innovation. This study first theoretically reviews the economic effects of patent and patent system. For this purpose, it explains the impact of patents on economic growth, starting from their role as an innovation indicator and considering the main benefits of the patent system. The study then empirically investigates the relationship between patents and economic growth for a panel of OECD countries between 1990 and 2019. By employing panel vector autoregression (VAR) approach and panel-VAR Granger causality analysis, the research distinguishes patents into patent applications and grants. According to the findings of the Granger causality analysis, there is no two-way causality relationship between patents and economic growth, but there is a causality relationship from patents to economic growth. The findings from the empirical estimates confirm a significant contribution of patents to economic growth in OECD countries. The empirical results show that an improvement in patent grants play a decisive role rather than patent applications in enchancing gross domestic product.Yayın The impact of real effective exchange rate and its volatility on economic growth in the OECD(Işık Üniversitesi, 2023-11-30) Dada, Samson Adewale; Görkey, Selda; Işık Üniversitesi, Lisansüstü Eğitim Enstitüsü, Uygulamalı Ekonomi Yüksek Lisans ProgramıThis study examines the effects of the real effective exchange rate (REER) and its volatility on economic growth from 1996 to 2020 in 36 OECD countries utilizing fixed effects (FE) and random effects (RE) methodologies from panel data econometrics. For empirical analysis, the Hausman test indicates that the fixed effect method is superior to the random effect method; and there were presence of cross-sectional dependencies, autocorrelation, and heteroskedasticity in the FE model. The robust estimates derived by the FE estimation using DRK S.E. indicate that the impact of the real effective exchange rate on economic growth is negative and statistically significant whereas the REER volatility has an insignificant effect on economic growth in the OECD throughout the examined period. The findings from the FE model with robust S.E. further evidence a significantly negative impact of GCE and a significantly positive impact of GCF on economic growth. While population growth and trade do not result in any significant impact on economic activity, the influence of inflation on GDP growth presents mixed findings on significance levels both of which point out to negative impacts. This study presents crucial outcomes in that the impacts of REER and REER volatility on economic growth present diversified outcomes over the past decades in the OECD.Yayın Renewable electricity consumption and economic growth nexus – evidence from high-,middle- and low-income countries(Işık Üniversitesi, 2024-01-23) Brown, Mustapha Abekah; Şen Taşbaşı, Aslı; Işık Üniversitesi, Lisansüstü Eğitim Enstitüsü, Uygulamalı Ekonomi Yüksek Lisans Programı; Işık University, School of Graduate Studies, M.A. Applied Economics Master ProgramRecent decades have witnessed growing concerns over sources of energy consumption and their role in economic development. Renewable energy and electrification have been touted by experts as a solution to mitigate these global issues. Considering this, the study investigates the intricate relationship between economic growth and renewable electricity consumption between the years 2000 to 2021 across a diverse spectrum of countries categorized by income levels. Renewable electricity consumption and economic growth data was collected for 48 countries. These countries were then further divided according to their income levels. The current study examines the relationship between renewable electricity consumption and economic growth through the lens of four distinct perspectives: the feedback hypothesis, the neutrality hypothesis, the growth hypothesis, and the conservation hypothesis. The Panel ARDL methods including the PMG, MG and DFE were employed to explore the presence of cointegration and the impact of renewable electricity usage on economic growth. The outcome of the methods indicate clearly that green electricity usage has a positive impact on economic growth across all income levels albeit at varying magnitudes. The findings contribute to the understanding of sustainable development and energy policies tailored to the specific economic contexts of countries at various income levels.
