In this paper we investigate the comovements between the R&D share of total investment and GDP growth in different EU areas over the period 1999-2014. Our empirical analysis shows that only core countries display a common countercyclical mechanism leading to an increased share of R&D over prolonged downturns. The lack of any countercyclical pattern of R&D share over the evolution of GDP growth in periphery countries makes this area highly vulnerable to persistent recessions, with potentially harmful consequences for longer term growth. For recent EU members the evidence of R&D share procyclicality should be evaluated in the light of the catching-up process still at work in this area. Our analysis suggests that any successful EU innovation policy should not disregard the potential divergence in R&D performance due to the dispersion of the countercyclical properties of the share of productivity enhancing activities in the different EU areas.

R&D intensity of investment across Europe before and after the crisis

Censolo, Roberto
Primo
;
Colombo, Caterina
Secondo
2019

Abstract

In this paper we investigate the comovements between the R&D share of total investment and GDP growth in different EU areas over the period 1999-2014. Our empirical analysis shows that only core countries display a common countercyclical mechanism leading to an increased share of R&D over prolonged downturns. The lack of any countercyclical pattern of R&D share over the evolution of GDP growth in periphery countries makes this area highly vulnerable to persistent recessions, with potentially harmful consequences for longer term growth. For recent EU members the evidence of R&D share procyclicality should be evaluated in the light of the catching-up process still at work in this area. Our analysis suggests that any successful EU innovation policy should not disregard the potential divergence in R&D performance due to the dispersion of the countercyclical properties of the share of productivity enhancing activities in the different EU areas.
Censolo, Roberto; Colombo, Caterina
File in questo prodotto:
File Dimensione Formato  
hdl11392-2397432 2019 R&D intensity of investment across Europe before and after the crisis AUSTRALIAN ECONOMIC PAPERS.pdf

solo gestori archivio

Descrizione: Full text editoriale
Tipologia: Full text (versione editoriale)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 2.11 MB
Formato Adobe PDF
2.11 MB Adobe PDF   Visualizza/Apri   Richiedi una copia
Censolo-2397432 pre-print.pdf

accesso aperto

Descrizione: Pre print
Tipologia: Pre-print
Licenza: PUBBLICO - Pubblico con Copyright
Dimensione 874.27 kB
Formato Adobe PDF
874.27 kB Adobe PDF Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11392/2397432
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 1
  • ???jsp.display-item.citation.isi??? 1
social impact