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Knowledge externalities, innovation and growth in European countries: the role of institutions

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  • Giorgio d'Agostino
  • Margherita Scarlato

Abstract

This paper provides an empirical analysis of the linkages between institutions and economic growth in the European context and highlights innovation as the intermediate variable that drives this interplay. Building on the literature in the evolutionary approach to the economics of innovation and in the economic growth theory with a political economic perspective, we assume that knowledge externalities can fully take place where institutions guarantee a level playing field in the access to knowledge. We estimate the effects of a set of relevant institutional variables on the growth rate of technological knowledge and per capita GDP for a sample of European countries. The empirical analysis confirms that institutions that tend to equalise opportunities to innovate significantly amplify the impact of an exogenous increase in the knowledge base on the growth rate of per capita GDP.

Suggested Citation

  • Giorgio d'Agostino & Margherita Scarlato, 2019. "Knowledge externalities, innovation and growth in European countries: the role of institutions," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 28(1), pages 82-99, January.
    • Handle: RePEc:taf:ecinnt:v:28:y:2019:i:1:p:82-99
    DOI: 10.1080/10438599.2018.1429536
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    Cited by:

    1. Suh , Jin Kyo & Lee , Jun Won & Kim , Hanho, 2011. "국제곡물가격의 변동성 요인분석과 한국의 정책적 대응 (The Determinants of Price Volatility in Food Crops and Policy Implications for Korea)," Policy Analyses 11-9, Korea Institute for International Economic Policy.
    2. Ajax Persaud & Javid Zare, 2023. "Institutional varieties, governance quality, and firm‐level innovation in emerging economies: Case of India," Growth and Change, Wiley Blackwell, vol. 54(1), pages 234-259, March.
    3. Alexander Donges & Jean-Marie Meier & Rui C. Silva, 2023. "The Impact of Institutions on Innovation," Management Science, INFORMS, vol. 69(4), pages 1951-1974, April.
    4. Peiró-Palomino, Jesús & Perugini, Francesco, 2022. "Regional innovation disparities in Italy: The role of governance," Economic Systems, Elsevier, vol. 46(4).
    5. Hameeda A. AlMalki & Christopher M. Durugbo, 2023. "Systematic review of institutional innovation literature: towards a multi-level management model," Management Review Quarterly, Springer, vol. 73(2), pages 731-785, June.
    6. Afonso, Oscar & Bandeira, Ana Maria & Lima, Pedro G., 2022. "Growth and welfare effects of corruption penalties," Economic Systems, Elsevier, vol. 46(3).
    7. Zhang, Min & Rodríguez-Pose, Andrés, 2024. "Government reform and innovation performance in China," LSE Research Online Documents on Economics 122728, London School of Economics and Political Science, LSE Library.
    8. Thanh Dinh Su & Canh Phuc Nguyen, 2022. "Productive Contribution of Public Spending and Human Capital in Developing Countries Revisited: The Role of Trade Openness," Foreign Trade Review, , vol. 57(1), pages 66-84, February.

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