Public R&D investment in economic crises

被引：4

作者：

Pellens, Maikel ^{[1
,2
]}

Peters, Bettina ^{[3
,4
]}

Hud, Martin ^{[5
]}

Rammer, Christian ^{[5
]}

Licht, Georg ^{[5
]}

机构：

[1] Katholieke Univ Leuven, ECOOM KU Leuven, Naamsestr 61,box 3551, B-3000 Leuven, Belgium

[2] ZEW Leibniz Ctr European Econ Res Mannheim, Naamsestr 61,box 3551, B-3000 Leuven, Belgium

[3] Univ Luxembourg, ZEW Mannheim, L7,1, D-68161 Mannheim, Germany

[4] Mannheim Ctr Competit & Innovat MaCCI, L7,1, D-68161 Mannheim, Germany

[5] ZEW Mannheim, Mannheim, Germany

来源：

RESEARCH POLICY | 2024年 / 53卷 / 10期

关键词：

R&D; Public policy; Business cycle; FISCAL-POLICY; PANEL-DATA; DEVELOPMENT SUBSIDIES; CREDIT CONSTRAINTS; BUSINESS CYCLES; INNOVATION; COUNTRIES; GROWTH; RUN; PRODUCTIVITY;

D O I：

10.1016/j.respol.2024.105084

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

We study the cyclicality of public R&D in 29 OECD countries over the period 1995 to 2019. Public R&D is procyclical on average, and mostly driven by adjustments in public R&D aimed at the government and higher education sectors. However, public R&D reacts asymmetrically over different phases of the business cycle, becoming acyclical during recessions. This acyclicality masks an important heterogeneity across countries: the world's leading innovators behave countercyclically during recessions and even increase public R&D. These results suggest that countries behind the innovation frontier could still strengthen their resilience to economic crises by adopting countercyclical public R&D strategies, thereby also safeguarding long-term growth through innovation.

引用

页数：15