Article
An Analysis for New Institutionality in Science, Technology and Innovation in Colombia Using a Structural Vector Autoregression Model
European Research Studies Journal
(2019)
Abstract
Science, technology and innovation are fundamental for achieving development and for generating knowledge according to requirements and context of the countries. Therefore, more countries have strengthened their governance and institutionality by creating ministries of science, technology and innovation, thereby increasing investments in research and development as well as promoting the generation of knowledge. In this context, Colombia opted to implement this model; using law 1951 of 2019, the country created this ministry. It is important to analyse the implications and key elements that allow the ministry to operate and achieve better investments to promote research, innovation, and the application of new technologies. In this study, we use structural vector autoregression (SVAR) and structural vector error correction (SVEC) to examine the effects of institutionality in science, technology and innovation in the Ministry of Science, Technology and Innovation (MSTI) using three variables (i.e., investments in activities of science, technology and innovation (STIA), investments in research and development (R&D) and independence index). Overall, the results indicate that increasing the independence and transparency of the Ministry of Science, Technology and Innovation leads to higher investments in STIA and R&D over time. SVAR and SVEC models were used to assess the robustness and reliability of the results. These results are important for assessing the effective governance and functionality of the new MSTI and its mission to adopt new policies and instruments that may strengthen science, technology and innovation in Colombia as the country migrates to a knowledge-based society.
Keywords
- Science,
- Technology,
- Innovation,
- structural vector autoregression model
Disciplines
Publication Date
Winter April 11, 2019
DOI
10.11214/thalassinos.22.02.012
Citation Information
Pardo, C, Cotte, A and Ronderos, N (2019). An Analysis for New Institutionality in Science, Technology and Innovation in Colombia Using a Structural Vector Autoregression Model, European Research Studies Journal Volume XXII Issue 2, 218-228