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The role of public loans in financing business R&D through the economic cycle

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dc.contributor.authorBarajas, Ascensión
dc.contributor.authorHuergo, Elena
dc.contributor.authorMoreno Martín, Lourdes
dc.date.accessioned2023-06-17T09:01:27Z
dc.date.available2023-06-17T09:01:27Z
dc.date.issued2021-03-26
dc.description.abstractShould governments increase their efforts in R&D public funding during recession periods? The objective of the present study is to compare the effect of public aid to business R&D on technological inputs and outputs through the economic cycle. We contribute to this literature by examining the effect of one specific instrument of direct public support: selective loans for firms’ R&D projects. For the analysis, we consider Spanish firms supported through this kind of instrument for the periods 2002–2005 and 2010–2012. Our results suggest that the hypothesis of full crowding out of private R&D is rejected in both cycle periods, expansion and recession: public support has positive effects on the resources devoted to R&D activities. However, the effect of public support on some technological outputs depends on the cycle phase: firms supported by selective loans during the crisis are more likely to obtain product innovations.
dc.description.departmentDepto. de Análisis Económico y Economía Cuantitativa
dc.description.facultyFac. de Ciencias Económicas y Empresariales
dc.description.refereedTRUE
dc.description.sponsorshipMinisterio de Economía y Competitividad (MINECO)
dc.description.sponsorshipComunidad de Madrid
dc.description.sponsorshipFondo Social Europeo
dc.description.statuspub
dc.eprint.idhttps://eprints.ucm.es/id/eprint/64646
dc.identifier.doi10.1007/s40888-021-00225-9
dc.identifier.issn1973-820X
dc.identifier.officialurlhttps://doi.org/10.1007/s40888-021-00225-9
dc.identifier.relatedurlhttps://doi.org/10.1007/s40888-021-00225-9
dc.identifier.urihttps://hdl.handle.net/20.500.14352/7957
dc.issue.number1
dc.journal.titleEconomia Politica
dc.language.isoeng
dc.publisherSpringer
dc.relation.projectIDECO2014-52051-R, ECO2017-82445-R
dc.relation.projectIDS2015HUM-3417
dc.rights.accessRightsrestricted access
dc.subject.jelH81
dc.subject.jelL2
dc.subject.jelO3
dc.subject.keywordImpact assessment
dc.subject.keywordEconomic crisis
dc.subject.keywordPublic aid
dc.subject.keywordBusiness R&D.
dc.subject.ucmEconomía
dc.subject.unesco53 Ciencias Económicas
dc.titleThe role of public loans in financing business R&D through the economic cycle
dc.typejournal article
dc.volume.number38
dspace.entity.typePublication
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