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This paper is to examine the dynamic relationship between export specialization and technological capabilities of renewable energy technology sectors, especially focusing on bio, wind and solar energy, using panel data from 21 OECD countries (1993 2008). Several panel unit root and cointegration tests are applied, and cross-sectional dependence is detected in the case of solar energy technologies. Subsequently, the long-run technological capacity elasticity is computed using the dynamic OLS and pooled mean group (PMG) techniques in the case of bio and wind energy technologies confirmed that there are co-movements among the variables. Panel system GMM estimations were conducted to avoid the correlation and endogeneity problems in the model. Then, based on the first difference GMM estimation results, causality is determined by running Wald tests on the coefficients of variables. There are solid and convincing evidence of a long-run relationship between export specialization and technological capabilities in bio and wind energy technologies. There is no causal relationship running from technological capabilities to export specialization but there is a positive causal relationship running from export specialization to technological capabilities in the case of bio and wind energy technology sectors. There is no bidirectional causal relationship between the two variables in solar energy technology. The results suggest that countries should instead set up long-run public policies to promote exports of renewable energy technologies. In particular, technological capabilities should continue to be directed toward creating reliable elasticity with regard to exports.
