A hazai pénzügyi szektorok K+F tevékenységének elemzése = Analysis of Hungarian R&D expenditures in financial industries

The main purpose of this study is to estimate the financial sectors' innovation activities related to their R&D expenditures in the 1995-2011 periods. Analysing various OECD countries we could claim that the average Hungarian financial expenditures are relatively smaller than their regional competitors. Then a growth accounting method was also estimated to determine the labour and physical accumulations, and the Total Factor Productivity (TFP) of each examined 14 OECD countries. The TFP could not be measured directly, which accounts for effects in total output that can be taken as an indicator of technological changes of economies. The negative TFP growth in Hungary revealed that the financial institutions could not strengthen economic growth of its own, only give a chance to enhance better productivity performance. (3) Thus, the R&D expenditures are correlated with the technology changes in most of the examined countries.