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The economic implications of Smart Specialisation governance

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Abstract

Smart Specialisation strategies are a legally binding condition for access to European Cohesion Policy funding for research and innovation in the period 2014-2020, and provide the strategic governance framework to guide investment in those areas. Weak or underdeveloped governance of Smart Specialisation strategies can undermine the effectiveness of the policy. This Policy Insight presents a general equilibrium analysis of the impact of the quality of Smart Specialisation governance on its macroeconomic returns. A combination of survey data on Smart Specialisation governance and the RHOMOLO spatial general equilibrium model shows that improving the Smart Specialisation policy governance significantly increases the investment-related impact of the policy. On the other hand, the results suggest that a considerably greater impact can be achieved by improving governance quality. This finding calls for interventions targeting those areas where the quality of policy governance is lagging behind.

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  • Carlo Gianelle & Fabrizio Guzzo & Javier Barbero & Simone Salotti, 2024. "The economic implications of Smart Specialisation governance," JRC Research Reports JRC136582, Joint Research Centre.
    • Handle: RePEc:ipt:iptwpa:jrc136582
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    File URL: https://publications.jrc.ec.europa.eu/repository/handle/JRC136582
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    Keywords

    rhomolo; region; growth; cohesion policy; smart specialisation;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies

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