Suchergebnisse

Using a comprehensive database of 40 countries: the OECD country-members plus Argentina, China, Romania, Russian Federation, Singapore and South Africa, from 1998 to 2012, we find that Public Expenditure on Research and Development (PR&D) has a positive effect on Venture Capital (VC) Investment. This is especially true in countries with higher institutional quality and higher level of articles published by the scientific community. This could indicate two things: first, that PR&D is more efficient and strategically addressed in countries with high institutional quality; and second, it confirms that scientific production works in partnership with PR&D in generating VC opportunities. PR&D is more important for the generation of VC investments in countries with lower infrastructure; in these countries, the government decision for increasing PR&D takes more relevance in fostering active VC markets. Above conclusions are confirmed for early stage (ES), high technology (HT) and manufacturing sector (MS) venture capital investments, indicating that PR&D is specifically important for this three kind of VC investments, however infrastructure availability remains definitive to increase MS venture capital investmentsDOI: http://dx.doi.org/10.5755/j01.ee.28.3.13216

This study investigates the relationship between Public Expenditure on Research and Development (PR&D) Venture Capital (VC) Investment. Using a comprehensive database of 40 countries: the OECD country-members plus Argentina, China, Romania, Russian Federation, Singapore and South Africa, from 1998 to 2012, we find that PR&D has a positive effect on VC Investment. PR&D can affect some factors that could increase or reduce the expected rate of return for VC investments, but our outcomes indicate a net effect positive and PR&D does seem to generate value through fostering VC activity in the economy. This is especially true in countries with higher institutional quality and higher level of articles published by the scientific community. This could indicate two things: first, that PR&D is more efficient and strategically addressed in countries with high institutional quality; and second, it confirms that scientific production works in partnership with PR&D in generating VC opportunities. PR&D is more important for the generation of VC investments in countries with lower infrastructure; in these countries, the government decision for increasing PR&D takes more relevance in fostering active VC markets. The above conclusions are confirmed for early stage (ES), high technology (HT) and manufacturing sector (MS) venture capital investments, indicating that PR&D is specifically important for these three kinds of VC investments, however infrastructure availability remains definitive to increase MS venture capital investments. The results are based on a panel study controlling endogeneity with a generalized method of moments (GMM) dynamic panel estimator model with a collapsed instrument matrix and two lags.

This article will examine progress made in the field of public expenditure theory in the quarter century since Burkhead and Miner (1971). First, normative expenditure theory will be examined along with its influence on analytic techniques, such as cost‐benefit analysis. The second area of analysis will be empirical research on public expenditure decisions. Finally, areas for future research will be identified.

"In all highly industrialized countries public expenditures are a substantial and growing share of total economic activity. The authors integrate normative and positive theory and empirical analysis of public expenditure, concentrating on the optimal provision of public goods and the estimation of their costs and effects. This volume emphasizes the techniques that are available for reaching collective decisions about the provision of public goods and stresses the importance of income distribution and intergovernmental fiscal relations. In a mixed economy, where the public sector is growing faster than the private sector, the nature of public expenditures must be closely evaluated and studied. This book is designed to focus on and delineate controversies about public expenditure--to define what it is, analyze its function, show how it operates, and finally to evaluate research on this important subject. The book considers the theories of leading economists (Kenneth Arrow, Lionel Robbins, Carl Shoup, James Buchanan, Paul Samuelson, Richard Musgrave, and others) in arriving at a clear statement of theory in its application to operational problems. Appropriate attention is paid to current techniques such as program budgeting, cost-benefit analysis, and the analysis of the determinants of public expenditure. The book is unique in its emphasis on the integration and critique of contemporary theories of public expenditure, of distributional concerns, and of the political framework of public expenditure decisions. It provides a necessary resource for professional economists required to deal with public expenditure problems in research or practice."--Provided by publisher.

Cover -- Half Title -- Contents -- Foreword -- Preface -- 1. The Nature of the Public Sector -- 2. The Pure Theory of Public Expenditure: Partial Equilibrium -- 3. The Pure Theory of Public Expenditure: General Equilibrium -- 4. Market Failure, Public Policy, and Public Expenditure -- 5. The Politics of Collective Choice -- 6. Program Budgeting -- 7. Benefit-Cost Analysis -- 8. Fiscal Federalism -- 9. Determinants and Consequences of Public Expenditures -- Name Index -- Subject Index

Data for US states showed that states with comparatively large child populations spend significantly less per child than states with smaller numbers of children. States with relatively large elderly populations spend slightly less on children. The effects of age structure on public expenditures on children are attributable to lower per capita incomes in states with higher dependency ratios. (Abstract amended)

This paper concerns amalgamation impacts on local public expenditures. The empirical analysis is based on the extensive 1952 municipal reform in Sweden. The 1952 reform amalgamated municipalities in a way that they had at least 2,000-3,500 inhabitants. This was done in the belief that larger municipalities would improve administration efficiency and public services by exploiting economies of scale. The results show that the reform had a negative impact on expenditures as long as the municipalities did not exceed a critical size. Adapted from the source document.