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Development Economics

Structure of R&D capital expenditure and national total factor productivity

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Article: 2223423 | Received 30 Jul 2021, Accepted 06 Jun 2023, Published online: 13 Jun 2023

Figures & data

Figure 1. Average real total factor productivity 1954–2019.

Source: Calculated from the Federal Reserve Bank of St. Louis data
Figure 1. Average real total factor productivity 1954–2019.

Figure 2. Structure of R&D capital spending and total factor productivity in South Africa.

Source: Plotted from South African Reserve Bank, and Federal Reserve Bank of St. Louis data
Figure 2. Structure of R&D capital spending and total factor productivity in South Africa.

Table 1. Definition of variables and measurement

Table 2. Summary statistics

Table 3. Correlation analysis

Table 4. Unit root tests based on Augmented Dickey–Fuller procedure

Table 5. Regression results for OLS, ARDL, and NARDL models

Table 6. Error correction model results

Figure 3. Non-linear ARDL model multiplier analysis.

Figure 3. Non-linear ARDL model multiplier analysis.

Figure 4. Examination of predicted versus actual TFP and the structural residuals for the non-linear ARDL model.

Source: Author’s analysis
Figure 4. Examination of predicted versus actual TFP and the structural residuals for the non-linear ARDL model.