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Do R&D tax credits work? Evidence from an international panel of countries 1979-1994

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Author Info
Nick Bloom
Rachel Griffith () (Institute for Fiscal Studies and University College London)
John Van Reenen

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Abstract

This paper examines the impact of fiscal incentives on the level of R&D investment. An econometric model of R&D investment is estimated using a new panel of data on tax changes and R&D spending in nine OECD countries over a nineteen year period (1979-1997). We find evidence that tax incentives are effective in increasing R&D intensity. This is true even after allowing for permanent country specific characteristics, world macro shocks and other policy influences. We estimate that a 10 per cent fall in the cost of R&D stimulates just over a 1 per cent rise in the level of R&D in the short-run; and just under a 10 per cent rise in R&D in the long-run.

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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W99/08.

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Length: 42 pp.
Date of creation: Nov 1999
Date of revision:
Handle: RePEc:ifs:ifsewp:99/08

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O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models

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