ABSTRACT

This paper examines the impact of information and communication technology (ICT) investments on the economic growth of EU-27. Our work responds to the lack of sufficient number of econometric estimation studies at country level coupled with a large variation in ICT elasticity results. We estimate an augmented Cobb Douglas production function using panel data techniques based on a sample of 27 countries for the period 1996–2016. The results suggest a significant effect of ICT investments on GDP growth. Further comparisons are drawn with studies using similar databases and sample periods. The results also reveal that the estimated returns to ICT are three times higher than the ICT factor share. Having excluded several sources of potential excess returns, we conclude that omitted variables and possible complementarities between ICT and organizational capital could serve as a plausible explanation.

摘要

本文研究了信息和通信技术 (ICT) 投资对欧盟 27 国经济增长的影响。我们的工作回应了国家层面缺乏足够数量的计量经济学估计研究以及 ICT 弹性结果的巨大差异。我们基于 1996 年至 2016 年期间 27 个国家的样本，使用面板数据技术估计了增强的 Cobb Douglas 生产函数。结果表明，ICT投资对GDP增长有显着影响。与使用类似数据库和样本期的研究进行了进一步比较。结果还表明，ICT 的估计回报是 ICT 因子份额的三倍。在排除了几个潜在超额回报的来源后，