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<article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:ali="http://www.niso.org/schemas/ali/1.0/" article-type="research-article" dtd-version="1.2" xml:lang="en"><front><journal-meta><journal-id journal-id-type="publisher-id">RUDN Journal of Economics</journal-id><journal-title-group><journal-title xml:lang="en">RUDN Journal of Economics</journal-title><trans-title-group xml:lang="ru"><trans-title>Вестник Российского университета дружбы народов. Серия: Экономика</trans-title></trans-title-group></journal-title-group><issn publication-format="print">2313-2329</issn><issn publication-format="electronic">2408-8986</issn><publisher><publisher-name xml:lang="en">Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="publisher-id">26016</article-id><article-id pub-id-type="doi">10.22363/2313-2329-2021-29-1-88-98</article-id><article-categories><subj-group subj-group-type="toc-heading" xml:lang="en"><subject>INNOVATIONS IN THE MODERN ECONOMY</subject></subj-group><subj-group subj-group-type="toc-heading" xml:lang="ru"><subject>ИННОВАЦИИ В СОВРЕМЕННОЙ ЭКОНОМИКЕ</subject></subj-group><subj-group subj-group-type="article-type"><subject>Research Article</subject></subj-group></article-categories><title-group><article-title xml:lang="en">Innovation and productivity: the case of Nordic countries</article-title><trans-title-group xml:lang="ru"><trans-title>Инновации и производительность: особенности скандинавских стран</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author"><name-alternatives><name xml:lang="en"><surname>Balashova</surname><given-names>Svetlana A.</given-names></name><name xml:lang="ru"><surname>Балашова</surname><given-names>Светлана Алексеевна</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD in Physics and Mathematics, Head of the Department of Economic and Mathematical Modeling of the Faculty of Economics</p></bio><bio xml:lang="ru"><p>кандидат физико-математических наук, заведующая кафедрой экономико-математического моделирования экономического факультета</p></bio><email>balashova-sa@rudn.ru</email><xref ref-type="aff" rid="aff1"/></contrib><contrib contrib-type="author"><name-alternatives><name xml:lang="en"><surname>Abramova</surname><given-names>Anastasia A.</given-names></name><name xml:lang="ru"><surname>Абрамова</surname><given-names>Анастасия Андреевна</given-names></name></name-alternatives><bio xml:lang="en"><p>bachelor of the Department of Economic and Mathematical Modeling of the Faculty of Economics</p></bio><bio xml:lang="ru"><p>студентка 4-го курса кафедры экономико-математического моделирования экономического факультета</p></bio><email>1032173040@rudn.ru</email><xref ref-type="aff" rid="aff1"/></contrib></contrib-group><aff-alternatives id="aff1"><aff><institution xml:lang="en">Peoples’ Friendship University of Russia (RUDN University)</institution></aff><aff><institution xml:lang="ru">Российский университет дружбы народов</institution></aff></aff-alternatives><pub-date date-type="pub" iso-8601-date="2021-03-23" publication-format="electronic"><day>23</day><month>03</month><year>2021</year></pub-date><volume>29</volume><issue>1</issue><issue-title xml:lang="en">VOL 29, NO1 (2021)</issue-title><issue-title xml:lang="ru">ТОМ 29, №1 (2021)</issue-title><fpage>88</fpage><lpage>98</lpage><history><date date-type="received" iso-8601-date="2021-03-23"><day>23</day><month>03</month><year>2021</year></date></history><permissions><copyright-statement xml:lang="en">Copyright ©; 2021, Balashova S.A., Abramova A.A.</copyright-statement><copyright-statement xml:lang="ru">Copyright ©; 2021, Балашова С.А., Абрамова А.А.</copyright-statement><copyright-year>2021</copyright-year><copyright-holder xml:lang="en">Balashova S.A., Abramova A.A.</copyright-holder><copyright-holder xml:lang="ru">Балашова С.А., Абрамова А.А.</copyright-holder><ali:free_to_read xmlns:ali="http://www.niso.org/schemas/ali/1.0/"/><license><ali:license_ref xmlns:ali="http://www.niso.org/schemas/ali/1.0/">http://creativecommons.org/licenses/by/4.0</ali:license_ref></license></permissions><self-uri xlink:href="https://journals.rudn.ru/economics/article/view/26016">https://journals.rudn.ru/economics/article/view/26016</self-uri><abstract xml:lang="en"><p style="text-align: justify;">Denmark, Finland, Iceland, Norway, and Sweden form a group of the Nordic countries, considered welfare states and the global leaders in innovative development. The link between the growth rate of total factor productivity and innovative development, controlling such factors as trade openness and prices volatility in commodity markets, is examined. The econometric analysis results show that the relationship between the level of innovative development and the rate of productivity growth is more robust for the Nordic countries than for the EU countries on average. Features of the national innovation systems and financing of R&amp;D in the Nordic countries and factors contributing to the impact of innovation activity on productivity are highlighted.</p></abstract><trans-abstract xml:lang="ru"><p style="text-align: justify;">Предложена модель, позволяющая объяснить динамику совокупной факторной производительности в странах ЕС такими факторами, как участие в международной торговле, темп роста расходов на НИОКР и неопределенность мировых цен на нефть. Результаты оценки модели показали, что для стран Северной Европы, которые являются глобальными лидерами инновационного развития на протяжении последних восьми лет, взаимосвязь между уровнем инновационного развития и темпом роста производительности более высокая, чем для стран ЕС в среднем. Выделены особенности организации национальной инновационной системы и финансирования НИОКР скандинавских стран, а также факторы, способствующие вкладу инновационной активности в производительность.</p></trans-abstract><kwd-group xml:lang="en"><kwd>total factor productivity</kwd><kwd>R&amp;D expenditures</kwd><kwd>Nordic countries</kwd><kwd>innovative development</kwd><kwd>innovative activity</kwd><kwd>national innovation system</kwd></kwd-group><kwd-group xml:lang="ru"><kwd>совокупная факторная производительность</kwd><kwd>затраты на НИОКР</kwd><kwd>скандинавские страны</kwd><kwd>инновационная активность</kwd><kwd>инновационное развитие</kwd><kwd>национальная инновационная система</kwd></kwd-group><funding-group/></article-meta></front><body></body><back><ref-list><ref id="B1"><label>1.</label><mixed-citation>Aye, G.C., et al. (2014). Oil price uncertainty and manufacturing production. 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