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Are the subsidies to private capital useful? A Multiple Regression Discontinuity Design Approach

Augusto Cerqua () and Guido Pellegrini ()

No 12, Working Papers from Doctoral School of Economics, Sapienza University of Rome

Abstract: There is still little consensus on the effectiveness of business support policies. The empirical evaluation is complicated by the difficulty in achieving reliable identification. We analyse the impact of Law 488/92, the main Italian regional policy. We propose a new approach, named multiple regression discontinuity design that exploits the sharp discontinuities in the L488 rankings and extends the RDD approach to a context where the treatment is assigned by multiple rankings with different cut-off points. We find that the impact of L488 on investment and production of the financed firms is positive and statistically significant.

Keywords: multiple regression discontinuity design; policy evaluation; public subsidies; regional policy (search for similar items in EconPapers)
JEL-codes: C14 H71 R38 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2011, Revised 2011
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