Unveiling the power of education, political stability and ICT in shaping technological innovation in BRI nations

Abstract

Technological innovation is a critical element of economic and environmental sustainability; thus, the promotion of technological innovation in the economy has gained an apex among policy makers. The study's impetus is to measure the effect of investments in information and communication technology (ICT), education, and political stability on technical innovation in BRI countries for 2004–2020. In the process of documenting the empirical nexus through the implementation of novel panel techniques commonly known as Dynamic Seemingly Unrelated Regressions (SUR), continuously updated fully modified'' (Cup-FM) and continuously updated bias-corrected (Cup-BC). The results of the slope of heterogeneity, cross-sectional dependency test, and panel cointegration test have revealed the presence of heterogeneity, all the research variables possessed certain common dynamics, and, most importantly presence of long-run association. The study documented the coefficients of ICT, education and Political stability are positive and statistically significant, indicating a contributory effect in fostering technological innovation in BRI nations. The findings emphasize the importance of upholding political stability, directing resources toward education, and fostering an environment that encourages innovation through the integration of information and communication technology (ICT). The study also highlights how critical it is to bring in FDI and use it to your advantage in order to boost tech development and the economy.

Keywords

• Political stability: education: ICT
• Technological innovation
• CUP-FM
• CUP-BC
• DSUR