TY  - JOUR
T1  - Comparative Econometric Study on the Contribution of Investment to Gulf Cooperation
Council’s Knowledge Economy over the Period (2000-2015): Evidence from Panel Data
AU - Obaid al-Mutairi, Khaled Haji 
JO  - International Business Management
VL  - 15
IS  - 7
SP  - 303
EP  - 312
PY  - 2021
DA  - 2001/08/19
SN  - 1993-5250
DO  - ibm.2021.303.312
UR  - https://makhillpublications.co/view-article.php?doi=ibm.2021.303.312
KW  - Knowledge economy
KW  -investments
KW  -GCC countries
KW  -panel analysis
AB  - The study sought to elucidate the link between
investments, oil and non-oil exports, human capital,
capital goods imports and GDP on the one hand and
knowledge economy in GCC countries on the other hand.
The importance of the study lies in analyzing the impact
of investments in the knowledge economy in the GCC
during the period (2000-2015) where it has tracked the
size of these investments and the extent to which GCC
countries benefit from them in achieving their
development. The study also contributes to the economic
literature by investigating the factors affecting the four
pillars of knowledge economy, using disaggregated data
of the GCC economies during the 2000-2015 periods.
Employing panel data analysis, we found that the
expansion of capital goods imports, human capital and
output reflects in strengthening the pillars of the
knowledge economy in the GCC countries. Interestingly,
the effects of gross fixed capital formation and oil exports
were insignificant, contrary to the economic theory and
the hypothesis of the study. Accordingly, it can be
inferred that more investment expenditure on fixed capital
formation and more efficient use of oil export earnings on
knowledge-extensive activities are needed. In addition,
the study uncovered the importance for the GCC countries
to agree on clear and transparent objectives towards the
orientation of the knowledge economy. The findings draw
some main policy implications-namely, the importance of
targeted education and innovation-based policy.
ER  -