Using a panel vector auto-regressive model, we study interactions between innovation, development and economic growth in 18 Eurozone countries between 1961 2013. We focus on whether causality runs between these variables both ways, one , the other way or not at all. Our empirical results show that development of the sector and enhanced innovative capacity in the Eurozone contribute to longterm growth in the countries in the region.
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Pradhan et al. (2016) studied this question.
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