THE INSTITUTIONAL FRAMEWORK AND INNOVATION LEVELS IN EU COUNTRIES

While innovations are crucial for the economic growth and development, factors that determine its levels have yet to be examined. This paper tries to fill this void starting by framing the research on the relationship between institutions and innovations. The main objective of this paper is to depic...

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Bibliographic Details
Published in:TRANSFORMATIONS IN BUSINESS & ECONOMICS 2014-01, Vol.13 (3C), p.584-601
Main Authors: Bunda, Nicoleta Ramona, Spatariu, Elena Cerasela, Popovici, Norina
Format: Article
Language:English
Subjects:
Correlation analysis
Economic development
Economic growth
EU membership
Europe
European Union
Innovation
Innovations
Political economy
R&D
Research & development
Research and development
Risk theory
Studies
Technological change
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Summary:While innovations are crucial for the economic growth and development, factors that determine its levels have yet to be examined. This paper tries to fill this void starting by framing the research on the relationship between institutions and innovations. The main objective of this paper is to depict through the empirical research the correlation between social, economic, and political institutions, on the one hand, and national level of innovation, on the other hand. The quality of institutions is measured using the index of institutionalized social technologies with its two main sub-indices, namely, Risk reducing technologies and Anti Rent seeking technologies. The national level of innovation is measured by expenditure on R&D as an input/catalyst of the whole innovation process. Finally, analytical findings are reported with the accompanying discussion. This paper, using data from the 28 EU countries between 1993 and 2012, concludes that institutions matter for the national levels of innovation.
ISSN:1648-4460
2538-872X