Do R&D tax credits work? Evidence from a panel of countries 1979-1997

• 成果类型: Article
• 署名作者: Bloom, N; Griffith, R; Van Reenen, J
• 署名单位: University of London; London School Economics & Political Science; University of London; University College London
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(01)00086-X
• 发表日期: 2002
• 页码: 1-31
• 关键词: tax credits; R&D; panel data; Tax competition

摘要

This paper examines the impact of fiscal incentives on the level of R&D investment. An econometric model of R&D investment is estimated using a new panel of data on tax changes and R&D spending in nine OECD countries over a 19-year period (1979-1997). We find evidence that tax incentives are effective in increasing R&D intensity. This is true even after allowing for permanent country-specific characteristics, world macro shocks and other policy influences. We estimate that a 10% fall in the cost of R&D stimulates just over a 1% rise in the level of R&D in the short-run, and just under a 10% rise in R&D in the long-run. (C) 2002 Elsevier Science B.V. All rights reserved.