System of financing innovation activities in the EU countries; Measuring the Impact of the Financial Crisis

Marek Urbaniak and Ricardo Mamede
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Marek Urbaniak: Poznan University of Economics

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This article represents an attempt to empirically explore the effects of the current financial crisis on R&D and innovation across the European countries and aims to contribute to the knowledge on the impact of the financial crisis on the financing of R&D and innovation in Europe. Using macro data, we investigate the statistics on financing R&D and innovation by sectors of performance and sources of funds. A direct effect of the crisis on R&D and innovation expenditure during the crisis is compared with the pre-crisis period. We demonstrate that the EU member states have improved their innovative activities over the 2004–2012 period. This article makes an attempt at filling in the gaps in analyses of the influence that the financial crisis exerts on the financing of R&D and innovation. It is a contribution to the debate regarding the impact of the financial crisis in Europe on the volume and structure of innovation financing by sectors of the economy.

Keywords: financing innovation activities; R&D and innovation expenditures (search for similar items in EconPapers)
JEL-codes: E23 G01 O31 O43 O52 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2015-01-01
New Economics Papers: this item is included in nep-cse, nep-eur, nep-ino, nep-mac, nep-sbm and nep-tid
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