1,720,966 research outputs found
On R&D sectoral intensities and convergence clubs
Full text linkSectoral convergence in R&D intensities among firms is a concept that, although rarely formalized, has been at the center of discussions of industrial and non-industrial actors, such as entrepreneurs, institutions and academics. Far from being a settled issue, the subject has seen very limited empirical attention. We start from the few current evidences, which point to the existence of some convergence together with diffused heterogeneity. We recover and integrate the literature from convergence clubs and extend the work introducing the use of Pavitt taxonomy, and new estimation techniques. Particularly, we apply the concept of weak sigma convergence using a quite novel econometric factor model. Thanks to this, we provide evidences of both convergence for within sector intensities and of club convergence for across-sector intensities. Finally, the club classification according to "innovative effort" may be used as an alternative way to look at standard economic activities classifications
Understanding Erasmus mobility in European regions: a quantile-based approach
Full text linkThis research employs a quantile-based model to assess the key determinants of Erasmus mobility within European regions. Our analysis highlights the factors contributing to high Erasmus attractiveness, notably urbanization levels, the presence of capital cities, and the quality of governance. In contrast, regions with lower Erasmus appeal are often linked to tourism activity and the risk of developmental stagnation. A significant finding is the pivotal role of government quality, which can transform less attractive regions into more appealing destinations for Erasmus participants. We extensively examine the policy implications arising from the current hands-off approach in the management of Erasmus flows, shedding light on potential interventions to address regional disparities
On the heterogeneity of the long-term leverage-growth relationship: A cross-country analysis of manufacturing firms
Full text linkDespite a great deal of studies, the relationship between firm leverage and its impact on growth remains still unclear. We offer an analytical framework, which based on a comprehensive literature review and of related empirical reasoning, helps explaining the long-term leverage and firm growth nexus. Both the theoretical views and empirical evidence are mixed, and the lack of consensus may be the result of inconsistent estimation techniques and of the dual interpretation that firm leverage has. Analysing debt from credit institutions to firms in France, Italy, and Spain, and observed from 2010 to 2016, we bring a selection framework to trial. The comparative perspective seeks the establishment of regularities, while the use of a dynamic quantile panel estimator unravels its heterogeneity. Strong non-linearities are detected, but the selection framework finds no support. On the contrary, only firms in the lowest-growing deciles of the growth distributions benefit consistently from leverage
Opportunità e sfide per l’industria verde. Un quadro sulle specializzazioni delle province italiane e implicazioni per la definizione delle politiche industriali energetiche
No full textDefining and measuring industrial sectors based on environmental, economic, and social sustainability parameters is crucial for shaping priorities in energy industrial policies and fostering ecological transition. The concept of the green industry has recently gained attention in scientific research and national institutions, yet a clear definition and consensus on measurement are lacking. This study offers an original contribution in this realm by using the case of Italian provinces. Employing a sector-based approach and recent academic and policy literature, we create indices for provincial export specialization, identifying territories with green exports or vulnerability to transition. The results form a taxonomy of areas with potential to drive or be threatened by the transition, including those specialized in hard-to-abate sectors. This analysis informs on industrial policies for the transition, focusing on areas with existing productions and skills to build upon, while identifying regions requiring specific accompanying policies to avoid resistance to change in the face of structural shifts
The international trade in human vaccines before COVID‐19
No full textThe recent COVID-19 pandemic has highlighted the importance of global access to human vaccines. There is, however, no empirical work on either the unequal distribution of international trade or on its determinants. Applying a gravity model to the UN Comtrade database between 2000 and 2019, we explain the patterns of bilateral trade across 116 countries. Using the Poisson Pseudo-Maximum Likelihood methodology, our results show that inequalities in international vaccine trade have steadily increased. In general, supply and demand drivers play a role in explaining the flow of human vaccines. The impact of these drivers varies depending on the income level of the importing country. High-income countries intensify their flows with demand factors such as GDP per capita, or supply factors such as the location of big pharmaceutical companies. Conversely, low-income countries receive more vaccines according to their population. Our results show that a poor country that houses a big pharmaceutical company acts as an exporting platform to developing and poor countries. Middle-income countries present features similar to rich countries both by producing more and also by exporting more. The imbalance endangers the global fight against the current COVID-19 pandemic
Export diversification dimensions and performance: Analysis and industrial policy insights from Italian territories over Covid-19 shocks
Full text linkExport diversification has been long discussed as a strategy to shield from external shocks and stabilize export levels. At the same time, it can proxy for the presence of specific productive and geoeconomic capabilities. This paper considers geographical and sectoral diversification of industrial exports proposing HHI-based indexes that consider different levels of aggregation. Specifically, we explore how these metrics are associated with each other, and how this association is moderated by different levels of export intensity and stability. Overall, they both explain well variations in export intensity over the COVID-19 asymmetric shocks. Further, exposure toward EU markets shows a positive association with stability. These findings and the heterogeneity lens used are then interpreted stressing the relevance of place-based policies in guiding export diversification strategies in the face of global economic challenges
Changing structures in transnational research networks: An analysis of the impact of COVID-19 on China's scientific collaborations
Full text linkResearch networks play pivotal roles in the creation and diffusion of knowledge. It is widely acknowledged that frontier research tends to cluster around transnational research networks (TRNs), which also represent strategic tools for nurturing innovation in R&D-intensive companies. Therefore, they are crucial for promoting the rapid development of the knowledge economy in underdeveloped countries.
In this context, China's experience is particularly relevant because the country has invested heavily in knowledge production, which is arguably one of the most important structural changes at the global level in recent decades, with important implications for the division of labor and trade among countries. The country has been investing in order to become the scientific world leader, and in this transition, research collaboration, in particular with other countries, can become strategic. In this work, we analyze whether COVID-19 and related research have affected the shape of the network and the intensity of collaborations involving China in the field of health studies, comparing it to the case of the U.S. as the global leader in research (Fry et al., 2020). In particular, we wish to assess whether COVID-19-related research has pushed toward larger and more intensive collaborations internationally than before the pandemic or whether a tendency to closure has prevailed has prevailed. This also means understanding whether COVID-19, as a global phenomenon, has affected China in rising as an international research leader. To do so, we built an original dataset of international, coauthored publications involving China or the U.S. in selected health research fields. Our analysis first shows that COVID-19 research has assumed specific features distinct from other topics in the same research field, shaping research networks in a peculiar way for both China and the U.S. Second, for China, COVID-19 does not appear to have represented an opportunity to further climb up the international research ladder, as it has attracted a relatively low and more volatile number of collaborators from different countries
Cause-Effect Pairs in Time Series with a Focus on Econometrics
No full textThis chapter addresses the problem of identifying the causal structure between two time-series processes. We focus on the setting typically encountered in econometrics, namely stationary or difference-stationary multiple autoregressive processes with additive white noise terms. We review different methods and algorithms, distinguishing between methods that filter the series through a vector autoregressive (VAR) model and methods that apply causal search directly to time series data. We also propose an additive noise model search algorithm tailored to the specific task of distinguishing among causal structures on time series pairs, under different assumptions, among which causal sufficiency
Exploring European Firms' Heterogeneity: Perspectives on Finance, Export, and R&D
Full text linkLa tesi explora tres dimensions rellevants de las empreses, com son l'exportació, las finances i la R+D, sota la lent de l'heterogeneïtat. Tant la selecció de bases de dades com de metodologies van explícitament en aquesta direcció i constitueixen enfocaments moderns per estudiar el creixement de les empreses i les seves dimensions. Aplicant la regressió quantilica a un model de creixement a nivell d’empresa, s’analitza l’impacte del palanquejament sobre el creixement. En tota la distribució del creixement, només se’n beneficien les empreses de baix rendiment, mentre que per a les empreses d’alt creixement, probablement funcionin millor altres eines financeres. A continuació, s'analitza la relació entre exportación, variables financeres i empreses d'alt creixement. Els resultats mostren que les empreses, també d’alt creixement, tendeixen a autoseleccionar-se als mercats exportadors segons la seva salut financera i no experimenten canvis significatius en l'estructura del capital gràcies a l'exportació. A més, la seva persistència com a empresa d’alt creixement depèn de la persistència del passat, així com la innovació. Finalment, es realitza una descomposició de la R+D interna espanyola mitjançant dades a nivell d’empresa. Dividint les dades segons quatre factors (gaseles, restriccions financeres, subvencions a l’R+D i característiques de les empreses) i segons dos períodes temporals (un de contracció i un d’expansió), sorgeixen troballes interessants. Per exemple, les subvencions a la R+D i la presència de gaseles apareixen com a contribuent fonamental a aportacions innovadores. A més, la força del cicle empresarial domina la majoria dels canvis de distribució, la qual cosa implica que els esquemes de suport governamental tenen una importància fonamental durant les recessions econòmiques.La tesis explora tres relevantes dimensiones de las empresas, como son la exportación, la financiación y la I+D, bajo la óptica de la heterogeneidad. Tanto la selección de las bases de datos como las metodologías están explícitamente en esta dirección y constituyen enfoques modernos para estudiar el crecimiento de las empresas y sus dimensiones. Aplicando la regresión por cuantiles a un modelo de crecimiento a nivel de empresa, se analiza el impacto del apalancamiento en el crecimiento. En la distribución del crecimiento, solo las empresas de bajo rendimiento se benefician de él, mientras que para las empresas de alto crecimiento, probablemente otras herramientas financieras funcionan mejor. A continuación, se analiza la relación entre exportación, variables financieras y empresas de alto crecimiento. Los resultados muestran que las empresas, también las de alto crecimiento, tienden a auto-seleccionarse en los mercados de exportación de acuerdo con su salud financiera y no sufren cambios significativos en la estructura de capital gracias a la exportación. Además, su persistencia como empresa de alto crecimiento depende de la persistencia pasada, así como la innovación. Por último, se realiza una descomposición de la I+D interna española utilizando datos a nivel de empresa. Dividiendo los datos según cuatro factores (gacelas, limitaciones financieras, subvenciones a la I+D y características de las empresas) y según dos periodos temporales (uno contractivo y otro expansivo), surgen hallazgos interesantes. Por ejemplo, las subvenciones a la I+D y la presencia de gacelas aparecen como contribuyentes fundamentales a los aportes innovadores. Además, la fortaleza del ciclo económico domina la mayoría de los cambios distributivos, lo que implica que los esquemas de apoyo gubernamental son de fundamental importancia durante las recesiones económicas.The thesis explores three relevant firms’ dimensions, finance, export and R&D, under the lens of heterogeneity. Both the choices of datasets and methodologies are explicitly in this direction and they constitute modern approaches to study firm growth and its dimensions. Applying quantile regression to a firm-level growth model, the impact of leverage on growth is analyzed. Across the growth distribution, only poor performing firms benefit from it, while for typical high-growth firms, probably other financial tools work better. Then, exporting is analyzed in relation to financial variables and high-growth firms. What appears is that firms, also high-growth one, tend to self-select into exporting markets according to their financial health, and they do not undergo significant capital structure changes thanks to exporting. Also, their persistence as high-growth firm depends on past persistence, as well as other more standard determinants like innovation. Finally, a decomposition of Spanish internal R&D is carried out using firm-level data. Dividing the data according to four factors (gazzelles, financial constraints, R&D subsidies and firms’ characteristics) and according to two business periods (a contractionary and an expansionary one), interesting findings emerge. For instance, the R&D subsidy schemes and the presence of gazzelles appear as fundamental contributor to innovative input. Also, the strength of the business cycle dominates most of the distributional changes, implying that governmental support scheme are of fundamental importance during economic downturns
On R&D sectoral intensities and convergence clubs - JRC Working Papers on Corporate R&D and Innovation No 01/2020
Full text linkSectoral convergence in R&D intensities among firms is a concept that, although rarely formalized, has been at the center of discussions of industrial and non-industrial actors, such as entrepreneurs, institutions and academics. Far from being a settled issue, the subject has seen very limited empirical attention. We start from the few current evidences, which point to the existence of some beta-convergence together with diffused heterogeneity. We recover and integrate the literature from convergence clubs and extend the work introducing the use of Pavitt taxonomy, and new estimation techniques. Particularly, we apply the concept of weak sigma-convergence using a quite novel econometric factor model. Thanks to this, we provide evidences of both beta-convergence for within-sector intensities and of club convergence for across-sector intensities. Finally, the club classification according to "innovative effort" may be used as an alternative way to look at standard economic activities classifications.JRC.B.3 - Territorial Developmen
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