Econometric on the determinants of economic growthan analysis: Case of G-8 countries

Due to the acceleration of globalization and rapid developments in information and communication technologies, countries have been exposed to intense competition. In such an environment, countries need to correctly determine the policies to be implemented and the moves to be made. Technology, which has an important place in internal growth models, is an indispensable element. In this study, the relationship between Economic Growth and R&D Investments, Number of Patents, Foreign Direct Investments (FDI) and High Technology Exports (HTE) variables in G-8 countries between 2010-2017 was tested with Panel Causality Analysis. During the study, first cross section dependency, then unit root test was applied. According to the test results obtained; reveals that there is a one-way causality relationship from R&D investments and patent numbers to growth and growth to foreign direct investments in the short term. In addition, it has been determined that there is a co-integration relationship between economic growth and R&D investments, patent numbers and foreign direct investments in the long term, and that foreign direct investments and high technology exports positively affect economic growth.