Montmartin, B. y Herrera Gómez, M. (2014): "Internal and External Effects of R&D Subsidies and Fiscal Incentives: Empirical Evidence Using Spatial Dynamic Panel Models" GREDEG Working Paper No. 2014-09.
Most studies evaluating the macroeconomic effects of financial support policies on business-fundedR&D use econometric methods that do not consider the existence of spatial effects, and generate biasedestimates. In this paper, we discus and address this problem using spatial dynamic panel data methods.This allow us to provide new insights on the internal (in-country) and external (out-of-country) effectsof both Research and Development (R&D) subsidies and fiscal incentives. We use a database of 25OECD countries for the period 1990-2009. In relation to internal effects, for both instruments, we find anon-linear relationship between their effect on private R&D and their level (suggesting the possibility ofleveraging and crowding-out effects). We also find a substitution effect between the R&D subsidies andfiscal incentives implemented within a country. Concerning the spatial component, we find evidence ofpositive spatial spillovers among private R&D investments. However, our results suggest the existenceof competition/substitution effects between national R&D policies.
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