Macroeconomic Volatility, Institutional Instability and the Incentive to Innovate

Masino, S. 2015. Macroeconomic Volatility, Institutional Instability and the Incentive to Innovate. Review of Development Economics. 19 (1), pp. 116-131. doi:10.1111/rode.12127

TitleMacroeconomic Volatility, Institutional Instability and the Incentive to Innovate
AuthorsMasino, S.
Abstract

This study investigates the channels through which macroeconomic and institutional instability hinders innovative investment undertakings financed by the domestic private sector. The analysis is based on a sample of 44 countries and considers various instability dimensions. The results suggest a negative impact of real, monetary and political instability on the aggregate level of R&D financed by the business sector. Thus, highlighting the importance of stable macro‐institutional environments in preventing avoidance or abandonment of private innovation undertakings.

JournalReview of Development Economics
Journal citation19 (1), pp. 116-131
ISSN1467-9361
Year2015
PublisherWiley
Accepted author manuscriptMacroeconomic Volatility, Institutional Instability, and the Incentive to Innovate.pdf
Digital Object Identifier (DOI)doi:10.1111/rode.12127
Publication dates
Published online27 Jan 2015
Published in print02 Feb 2015
Published27 Jan 2015

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