Authors:
Vito Bobek Faculty of Economics and Business, University of Maribor, Razlagova ulica 14, 2000 Maribor, Slovenia

Search for other papers by Vito Bobek in
Current site
Google Scholar
PubMed
Close
https://orcid.org/0000-0003-4019-2433
,
Lara Weitgasser Institute of International Management and Entrepreneurship, University of Applied Sciences FH Joanneum, Graz, Austria

Search for other papers by Lara Weitgasser in
Current site
Google Scholar
PubMed
Close
https://orcid.org/0009-0002-1997-6786
, and
Tatjana Horvat Faculty of Management, University of Primorska, Koper, Slovenia

Search for other papers by Tatjana Horvat in
Current site
Google Scholar
PubMed
Close
https://orcid.org/0000-0003-3455-0871
Restricted access

Abstract

This research investigates the causal relationship between innovation, financial development and economic growth in Brazil, Chile, Colombia, Mexico and Peru between 2000 and 2019. Based on quantitative analysis, including vector autoregressive (VAR) models, it can be concluded that bidirectional Granger-causalities are present in the trivariate nexus in the five Latin American countries over the investigated times. Consequently, the three variables support forecasting and policy implications focusing on one of the three sectors that impacts the other two in the future. The paper concludes that imitation and innovation policies focusing on intellectual property rights protection, education, knowledge, institutional change and technological catch-up are necessary to foster economic growth and financial development.

  • Bittencourt, M. (2012): Financial Development and Economic Growth in Latin America: Is Schumpeter Right? Journal of Policy Modelling, 34(3): 341355. https://doi.org/10.1016/j.jpolmod.2012.01.012.

    • Search Google Scholar
    • Export Citation
  • Castellacci, F.Natera, J. M. (2016): Innovation, Absorptive Capacity and Growth Heterogeneity: Development Paths in Latin America 1970–2010. Structural Change and Economic Dynamics, 37: 2742. https://doi.org/10.1016/j.strueco.2015.11.002.

    • Search Google Scholar
    • Export Citation
  • Dickey, D. A.Fuller, W. A. (1979): Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366): 427431. https://doi.org/10.2307/2286348.

    • Search Google Scholar
    • Export Citation
  • Eicker, F. (1963): Asymptotic Normality and Consistency of the Least Squares Estimators for Families of Linear Regressions. The Annals of Mathematical Statistics, 34(2): 447456. https://doi.org/10.1214/aoms/1177704156.

    • Search Google Scholar
    • Export Citation
  • Hyytinen, A.Toivanen, O. (2005): Do Financial Constraints Hold Back Innovation and Growth? Evidence on the Role of Public Policy. Research Policy, 34(9): 13851403. https://doi.org/10.1016/j.respol.2005.06.004.

    • Search Google Scholar
    • Export Citation
  • Jalil, A.Rao, N. H. (2019): Time Series Analysis (Stationarity, Cointegration, and Causality). In: Özcan, B.Öztürk, I. (eds): Environmental Kuznets Curve (EKC), Academic Press, pp. 8599. https://doi.org/10.1016/B978-0-12-816797-7.00008-4.

    • Search Google Scholar
    • Export Citation
  • Kilian, L.Lütkepohl, H. (2017): Structural Vector Autoregressive Analysis (1st ed.). Cambridge University Press. https://doi.org/10.1017/9781108164818.

    • Search Google Scholar
    • Export Citation
  • Latif, Z.Mengke, Y.Danish, L. S.Ximei, L.Pathan, Z. H.Salam, S.Jianqiu, Z. (2018): The Dynamics of ICT, Foreign Direct Investment, Globalization, and Economic Growth: Panel Estimation Robust to Heterogeneity and Cross-Sectional Dependence. Telematics and Informatics, 35(2): 318328. https://doi.org/10.1016/j.tele.2017.12.006.

    • Search Google Scholar
    • Export Citation
  • Levine, R. (2005): Finance and Growth: Theory and Evidence. In: Aghion, P.Durlauf, S. N. (eds.): Handbook of Economic Growth (1st ed., Vol. 1.). Elsevier, pp. 865934. https://doi.org/10.1016/S1574-0684(05)01012-9.

    • Search Google Scholar
    • Export Citation
  • Liu, W.Yang, Z.Cao, Y.Huo, J. (2022): Discovering the Influences of Patent Innovations on the Stock Market. Information Processing – Management, 59(3): 102908. https://doi.org/10.1016/j.ipm.2022.102908.

    • Search Google Scholar
    • Export Citation
  • Pek, J.Wong, O.Wong, A. C. M. (2018): How to Address Non-normality: A Taxonomy of Approaches, Reviewed, and Illustrated. Frontiers in Psychology, 9(2104): 117. https://doi.org/10.3389/fpsyg.2018.02104.

    • Search Google Scholar
    • Export Citation
  • Phillips, P. C. B.Perron, P. (1988): Testing for a Unit Root in Time Series Regression. Biometrika, 75(2), 335346. https://doi.org/10.1093/biomet/75.2.335.

    • Search Google Scholar
    • Export Citation
  • Pradhan, R. P.Hall, J. H.Gupta, A.Nishigaki, Y.Filho, F. de S. P.Toit, E. du (2019): A Quantitative Assessment of the Finance–Growth–Innovation Nexus in EEA Countries: Evidence from a Multivariate VECM. Journal of East-West Business, 25(3): 225261. https://doi.org/10.1080/10669868.2019.1602575.

    • Search Google Scholar
    • Export Citation
  • Schumpeter, J. (1912): Theorie der wirtschaftlichen Entwicklung [The Theory of Economic Development]. Duncker & Humblot.

  • Shrestha, M. B.Bhatta, G. R. (2018): Selecting Appropriate Methodological Framework for Time Series Data Analysis. The Journal of Finance and Data Science, 4(2): 7189. https://doi.org/10.1016/j.jfds.2017.11.001.

    • Search Google Scholar
    • Export Citation
  • Stock, J. H.Watson, M. W. (2020): Introduction to Econometrics. (4th ed.) Pearson Education.

  • The R Foundation (2022): Robust Estimation of Standard Errors, Confidence Intervals, and P-Values. https://cran.r-project.org/web/packages/sjPlot/vignettes/tab_model_robust.html.

    • Search Google Scholar
    • Export Citation
  • World Bank (2022): Global Economic Prospects. https://openknowledge.worldbank.org/handle/10986/34730.

  • WIPO (2021): WIPO IP Statistics Data Center. https://www3.wipo.int/ipstats/.

  • Zhu, X.Asimakopoulos, S.Kim, J. (2020): Financial Development and Innovation-Led Growth: Is Too Much Finance Better? Journal of International Money and Finance, 100, 102083. https://doi.org/10.1016/j.jimonfin.2019.102083.

    • Search Google Scholar
    • Export Citation
  • Collapse
  • Expand
The author instructions are available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Beáta Farkas / Faculty of Economics and Business Administration, University of Szeged
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: vanyai.judit@krtk.hu  

Indexing and Abstracting Services:

  • CABELLS Journalytics
  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • Index Copernicus
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index

 

2023  
Web of Science  
Journal Impact Factor 0.7
Rank by Impact Factor Q3 (Economics)
Journal Citation Indicator 0.23
Scopus  
CiteScore 1.4
CiteScore rank Q3 (Economics and Econometrics)
SNIP 0.385
Scimago  
SJR index 0.218
SJR Q rank Q4

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2025 Online subsscription: 700 EUR / 768 USD
Print + online subscription: 820 EUR / 900 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

Monthly Content Usage

Abstract Views Full Text Views PDF Downloads
Feb 2024 0 0 0
Mar 2024 0 0 0
Apr 2024 0 0 0
May 2024 0 0 0
Jun 2024 111 6 10
Jul 2024 145 3 7
Aug 2024 0 0 0