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Impact of Enterprise R&D Investment on International Trade in Korea under the new Normal Era

뉴 노멀 시대하 한국기업의 R&D투자가 무역에 미치는 영향

  • 김선재 (배재대학교 전자상거래학과) ;
  • 이영화 (선문대학교 영어학과)
  • Received : 2012.07.11
  • Accepted : 2012.09.05
  • Published : 2012.09.28

Abstract

The purpose of this study is to empirically examine the impact of enterprise R&D investment on international trade in Korea under the new Normal Era. In order to test whether the time series data of trade variables are stationary or not, we put in operation unit root test and cointegration test. Based on VECM (Vector Error Correction Model), we also apply impulse response functions and variance decomposition to estimate the dynamic effects in the short-run and long-run. The results show that the relationship between enterprise R&D investment and international trade (export and import) exists in the long-run as well as in the short-run. The results of applying impulse response functions and variance decomposition also indicate that the impact of enterprise R&D investment on international trade is positive, and a significant portion of fluctuations in the trade variable is explained by enterprise R&D investment. Therefore, enterprise R&D investment must be continuously increased to improve economic growth with promoting trading competition power in Korea under the new Normal Era.

Keywords

Now Normal;R&D Investment;Vector Error Correction Model;Impulse Response;Variance Decomposition

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