Gateway to Think Tanks
来源类型 | Papers |
规范类型 | 论文 |
来源ID | CIGI Paper No. 175 |
Fluctuations in Uncertainty and R&D Investment | |
Olena Ivus; Joanna Wajda | |
发表日期 | 2018-06-05 |
出版年 | 2018 |
语种 | 英语 |
摘要 | Efforts at stimulating economic growth are shifting away from factor inputs as governments seek to establish an innovation-friendly environment. This paper investigates the effect of macro uncertainty on research and development (R&D). Against that background, it discusses what the Group of Twenty (G20) and its member states can do in this regard to facilitate increased innovation. Using data on 30 countries covering 1982–2012, the relationship between fluctuations in macro uncertainty and R&D growth is studied. The analysis shows that increased macro uncertainty is associated with lower R&D growth, and that business enterprise expenditure on R&D (BERD) appears to be the leading culprit for lower expenditure during times of higher uncertainty. Regression analysis that accounts for potential endogeneity due to country-specific fixed effects further highlights that R&D may be less susceptible to some measures of uncertainty — such as cross-firm daily stock return spread, which may reflect the potential for higher than normal gains — and more susceptible to others — such as exchange rate daily volatility. In particular, R&D performed by industry does appear to suffer lower growth in the face of greater uncertainty, and there is no evidence that R&D financed by government is growing at a faster rate in such periods to combat the disincentives of investing under uncertainty. Several explanations and mitigating factors are discussed. The analysis underscores the importance for the G20 and its member countries to reduce uncertainty. One way of achieving this is by being clear in their intentions surrounding future policy and establishing effective, consistent and predictable patent regimes. The effect of uncertainty on innovation can be further minimized by pursuing R&D tax credit incentives and streamlining applicable government programs; during times of high uncertainty, a more aggressive innovation agenda should be pursued. |
主题 | Innovation & Productivity |
子主题 | G20 ; Innovation & Trade |
URL | https://www.cigionline.org/publications/fluctuations-uncertainty-and-rd-investment |
来源智库 | Centre for International Governance Innovation (Canada) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/180706 |
推荐引用方式 GB/T 7714 | Olena Ivus,Joanna Wajda. Fluctuations in Uncertainty and R&D Investment. 2018. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
paper no.175.pdf(427KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Olena Ivus]的文章 |
[Joanna Wajda]的文章 |
百度学术 |
百度学术中相似的文章 |
[Olena Ivus]的文章 |
[Joanna Wajda]的文章 |
必应学术 |
必应学术中相似的文章 |
[Olena Ivus]的文章 |
[Joanna Wajda]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。