The efficiency of spending on R&D in Latin America region

Innovativeness is one of the key factors stimulating economic growth. Improving innovative capacities is especially important for developing countries. The Latin American region is characterized by a variety of innovation policies. In this article, the author attempts to answer the question of which Latin American countries most efficiently spend funds on R&D. The study presented in this article also verifies the hypothesis that increased spending on R&D does not result in a proportional increase in the intended innovative results. The main research methodology employed is data envelopment analysis (DEA), which allows for assessing input-output efficiency and indicates the efficiency frontier for the period between 2000 and 2017.