Economic Policy For Real Sector And R&D Financing: Basic Institutional Models
The paper considers institutional models that define the macroeconomic policies for real sector financing as well as the R&D financing serving further as a technological base for real sector development in various nation-states. The hypothesis is tested that two institutional models in these spheres could be singled out, so called "a state as the main investor" and "a state as the regulator". To check this hypothesis, data about the 20-year dynamics of financing in Russia (and China) and in the USA are used. Institutional matrices theory, or X- and Y-theory (Kirdina, 2012) is used to explain the differences. In this regard, a reflection of the investment characteristics in national statistics of the two countries due to institutional differences is also discussed.
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- Veblen, Thorstein, 1898. "Why Economics is not an Evolutionary Science," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 12.
- Kirdina, Svetlana, 2010. "Prospects of liberalization for S&T policies in Russia: institutional analysis," MPRA Paper 23270, University Library of Munich, Germany.
- Svetlana Kirdina & Andrei Vernikov, 2013. "Evolution of the Banking System in the Russian Context: An Institutional View," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 47(2), pages 475-484, June.
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