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International spillovers of R&D and marginal social returns

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  • Kazuo Ogawa
  • Elmer Sterken
  • Ichiro Tokutsu

Abstract

This study analyzes marginal social and private returns of R&D investment through the impact of international spillovers of R&D stocks. We compare the marginal social with marginal private returns using data of 27 OECD and EU countries from 1995 to 2008. We consider two channels of R&D spillovers: embodied in trade flows and disembodied by bilateral technological proximity. We find that marginal social returns on R&D are much larger than the marginal private returns for R&D‐intensive countries, in the embodied spillover channel. We also find that the embodied spillover channel through import flows is more important than the disembodied channel.

Suggested Citation

  • Kazuo Ogawa & Elmer Sterken & Ichiro Tokutsu, 2019. "International spillovers of R&D and marginal social returns," Review of International Economics, Wiley Blackwell, vol. 27(3), pages 936-954, August.
    • Handle: RePEc:bla:reviec:v:27:y:2019:i:3:p:936-954
    DOI: 10.1111/roie.12404
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