Government Support of Science and the Impact of the Crisis: The Case of the EU Countries

@article{63124,
   author = {Tvrdoň, Michal and Verner, Tomáš},
   article_number = {Special Issue 16},
   doi = {http://dx.doi.org/10.24818/EA/2022/S16/989},
   keywords = {government R&D expenditure; business cycle; recession; EU; panel data},
   language = {eng},
   issn = {1582-9146},
   journal = {Amfiteatru Economic},
   title = {Government Support of Science and the Impact of the Crisis: The Case of the EU Countries},
   url = {https://www.amfiteatrueconomic.ro/RevistaDetalii_EN.aspx?Cod=1221},
   volume = {24},
   year = {2022}
}

TY  - JOUR
ID  - 63124
AU  - Tvrdoň, Michal - Verner, Tomáš
PY  - 2022
TI  - Government Support of Science and the Impact of the Crisis: The Case of the EU Countries
JF  - Amfiteatru Economic
VL  - 24
IS  - Special Issue 16
SP  - 989-1000
EP  - 989-1000
SN  - 15829146
KW  - government R&D expenditure
KW  - business cycle
KW  - recession
KW  - EU
KW  - panel data
UR  - https://www.amfiteatrueconomic.ro/RevistaDetalii_EN.aspx?Cod=1221
N2  - The paper investigates government R&D spending during the business cycle. When analyzing this expenditure, it is important to mention two opposing aspects: on the one hand, government spending on R&D can be seen as a stimulus measure for the government to mitigate the effects of the recession on the economy, – governments can decide to increase public spending on R&D. However, on the other hand, the recession reduces public budget revenues and prompts governments to reduce public spending, which very often negatively affects R&D spending. Using panel data from 22 European Union countries for the period 2005 to 2019, we examine how government R&D expenditure varies over the business cycle. Four estimates were performed in which explanatory variables were gradually added to the model (OLS approach). The GMM approach includes all the variables at once. The coefficient for government R&D expenditure is positive, high, and remains stable. This implies that expenditure changes only gradually. The estimates give us evidence regarding the pro-cyclical effect on government R&D expenditure and the Keynesian approach to economic policy.
ER  - 

TVRDOŇ, Michal a Tomáš VERNER. Government Support of Science and the Impact of the Crisis: The Case of the EU Countries. \textit{Amfiteatru Economic}. 2022, roč.~24, Special Issue 16, s.~989-1000. ISSN~1582-9146. doi:10.24818/EA/2022/S16/989.