Does Innovation Promote Regional Economic Development? Evidence for Countries in Europe and Central Asia

The aim of this study is to assess the relationship between innovation and economic development in a sample of 47 countries from Europe and Central Asia for the years 1990-2020. We use patent applications per 100,000 people as a proxy for innovation. Our results suggest increase in the number of patents per 100,000 people by 10 (slightly less than 1 standard deviation) is associated with 3.4% increase in GDP per capita. The results remain robust after accounting for determinants of economic growth.

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