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System of financing innovation activities in the EU countries; Measuring the Impact of the Financial Crisis

Author

Listed:
  • Marek Urbaniak

    (Poznan University of Economics)

  • Ricardo Paes Mamede

    (ISCTE - Lisbon University Institute)

Abstract

This article represents an attempt to empirically explore the effects of the current financial crisis on R&D and innovation across the European countries and aims to contribute to the knowledge on the impact of the financial crisis on the financing of R&D and innovation in Europe. Using macro data, we investigate the statistics on financing R&D and innovation by sectors of performance and sources of funds. A direct effect of the crisis on R&D and innovation expenditure during the crisis is compared with the pre-crisis period. We demonstrate that the EU member states have improved their innovative activities over the 2004–2012 period. This article makes an attempt at filling in the gaps in analyses of the influence that the financial crisis exerts on the financing of R&D and innovation. It is a contribution to the debate regarding the impact of the financial crisis in Europe on the volume and structure of innovation financing by sectors of the economy.

Suggested Citation

  • Marek Urbaniak & Ricardo Paes Mamede, 2015. "System of financing innovation activities in the EU countries; Measuring the Impact of the Financial Crisis," Working papers wpaper83, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper83
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    More about this item

    Keywords

    financing innovation activities; R&D and innovation expenditures;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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