International R&D Spillovers and Marginal Social Returns on R&D

Kazuo Ogawa, Elmer Sterken and Ichiro Tokutsu

No 6255, CESifo Working Paper Series from CESifo

Abstract: We analyze the impact of international R&D spillovers on recipient countries in terms of social and private returns. We divide the aggregate R&D stock by the business, government and education sectors and examine the impact on Total Factor Productivity. We endogenize the accrual of the R&D stocks by estimating an R&D investment function. We find that the marginal social returns on R&D are much larger than the marginal private returns for R&D-intensive countries. It implies that R&D intensive countries are expected to generate more spillovers at the margin, but the observed R&D stock is smaller than the socially optimal level.

Keywords: R&D; spillovers; total factor productivity; social returns; private returns (search for similar items in EconPapers)
JEL-codes: E22 O32 O33 O47 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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