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Productivity and technological externalities: Study based on a dynamic panel model for developing countries

The objective of this paper is to examine the effect of trade and financial openness, through the technology transfer channel, on total factor productivity (TFP) in a panel of developing countries between 1988 and 2014. According to a growing body of literature on the subject, there is a strong link between openness and eco-nomic growth, but are technological externalities a key element for developing countries? To answer this question, we resorted to dynamic panel data modeling, thus allowing us to detect the eventual impact. The main results of our study show a positive and significant effect of exports and the externalities of technol-ogy conveyed by foreign trade on TFP. As for the imports of goods, apart from those with high technological content, they have a negative and significant effect. How-ever, the identification of the effect of human capital and foreign direct invest-ment is far from obvious. The results show that they have a positive but statis-tically insignificant effect.