MACROECONOMY CONDITIONS AND S&T DEVELOPMENT

The paper is devoted to the issues of interconnectedness of S&T development and macroeconomic conditions. Despite of a bulk of studies on the impact of innovation and S&T expenditures on economic growth, there is a lack of studies which try to capture influence of economic development on innovation and S&T patterns. Thus in this paper we have tried to find statistical interrelations between a number of macroeconomic indicators and R&D intensity of GDP as the main indicator of S&T development. The scope of the study covers all countries which send their data to the World Bank database and UNESCO Institute of statistic during 2000-2011. Analysed period reflects one full business cycle from the end of the previous crisis (end of 90es) to the end of the last one (end of 2000-es). Number of quite interesting evidence were identified in the paper. First of all it concerns the fact that R&D policy does not heavily depend on some macroeconomic indicators such as cash balance, the level of industrialization but it rather depends on the level of natural recourses endowment, cost of capital, macroeconomic stability as well.