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Evaluating the impact of innovation incentives: evidence from an unexpected shortage of funds

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Author Info

  • Guido de Blasio

    ()
    (Bank of Italy)

  • Davide Fantino

    ()
    (Bank of Italy)

  • Guido Pellegrini

    ()
    (Università degli Studi di Roma "La Sapienza")

Abstract

To evaluate the effect of an R&D subsidy one needs to know what the subsidized firms would have done without the incentive. This paper studies an Italian programme of subsidies for the applied development of innovations, exploiting a discontinuity in programme financing due to an unexpected shortage of public money. To identify the effect of the programme, the study implements a regression discontinuity design and compares firms that applied for funding before and after the shortage occurred. The results indicate that the programme was not effective in stimulating innovative investment.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 792.

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Date of creation: Feb 2011
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Handle: RePEc:bdi:wptemi:td_792_11

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Web page: http://www.bancaditalia.it
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Related research

Keywords: R&D; public policy; evaluation;

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References

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  1. Matteo Bugamelli & Fabiano Schivardi & Roberta Zizza, 2010. "The euro and Firm Restructuring," Working Papers CELEG 1001, Dipartimento di Economia e Finanza, LUISS Guido Carli.
  2. Magri, Silvia & Pico, Raffaella, 2011. "The rise of risk-based pricing of mortgage interest rates in Italy," Journal of Banking & Finance, Elsevier, vol. 35(5), pages 1277-1290, May.
  3. Marco Taboga, 2011. "Under‐/Over‐Valuation of the Stock Market and Cyclically Adjusted Earnings," International Finance, Wiley Blackwell, vol. 14(1), pages 135-164, 04.
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Cited by:
  1. Elisa Barbieri & Roberto Iorio & Giuseppe Lubrano Lavadera, 2010. "Incentivi alla ricerca e sviluppo in Italia: una indagine sugli effetti della Legge 46/82," Working Papers 1003, c.MET-05 - Centro interuniversitario di Economia Applicata alle Politiche per L'industria, lo Sviluppo locale e l'Internazionalizzazione.
  2. Leandro D’Aurizio & Marco Marinucci, 2013. "Italian firms’ innovation strategies in 2008-2010," Questioni di Economia e Finanza (Occasional Papers) 197, Bank of Italy, Economic Research and International Relations Area.
  3. Federico Biagi & Massimo Loi, 2011. "Do Innovation Incentives Work? Evidence From The Italian Manufacturing Sector," ERSA conference papers ersa11p681, European Regional Science Association.

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