R&D Spillovers and the Case for Industrial Policy in an Open Economy
AbstractIn this paper, the authors consider the case for subsidies toward firms which generate R&D spillovers in open economies. They show that, in the presence of strategic behavior by firms, many expected results are overturned. Local R&D spillovers to other domestic firms may justify an R&D tax rather than a subsidy; R&D cooperation by local firms overinternalizes the externality and also justifies an R&D tax; and international spillovers that benefit foreign firms may justify a subsidy, even though the government cares only about the profits of home firms. Copyright 1999 by Royal Economic Society.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 51 (1999)
Issue (Month): 1 (January)
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Other versions of this item:
- Leahy, Dermot & Neary, J Peter, 1997. "R&D Spillovers and the Case for Industrial Policy in an Open Economy," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1671, C.E.P.R. Discussion Papers.
- D. Leahy & J. P. Neary, 1997. "R&D spillovers and the case for industrial policy in an open economy," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 20342, London School of Economics and Political Science, LSE Library.
- D Leahy & J.P. Neary, 1997. "R&D Spillovers and the Case for Industrial Policy in an Open Economy," CEP Discussion Papers, Centre for Economic Performance, LSE dp0345, Centre for Economic Performance, LSE.
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
- J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
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