A hazai pénzügyi szektorok K+F tevékenységének elemzése = Analysis of Hungarian R&D expenditures in financial industries

Absztrakt

The main purpose of this study is to estimate the financial sectors' innovation
activities related to their R&D expenditures in the 1995-2011 periods. Analysing
various OECD countries we could claim that the average Hungarian financial
expenditures are relatively smaller than their regional competitors. Then a growth
accounting method was also estimated to determine the labour and physical
accumulations, and the Total Factor Productivity (TFP) of each examined 14
OECD countries. The TFP could not be measured directly, which accounts for
effects in total output that can be taken as an indicator of technological changes
of economies. The negative TFP growth in Hungary revealed that the financial
institutions could not strengthen economic growth of its own, only give a chance
to enhance better productivity performance. (3) Thus, the R&D expenditures are correlated with the technology changes in most of the examined countries.