The first essay studies the effects of exogenous and endogenous shocks on output sustainability in Central Eastern Europe and Russia during the 2000s. It expands traditional vector autoregressive model to a multi-country model that relates bank real lending, the cyclical component of output and spreads and accounts for cross-sectional dependence across the countries. Impulse response functions show that exogenous positive shock lead to a drop in output sustainability for nine over twelve Central Eastern European countries, when the endogenous shock is mild and ambiguous. Moreover the effect of the exogenous shock is more significant in the aftermath the crises. The second essay explains variation in entrepreneurship across cities of Commonwealth of Independent States during 1995-2008, utilizing a unique database and employing dynamic panel data analysis. The findings suggest that banking reform facilitates entrepreneurship, whereas the size of the state discourages it. A U-shaped relationship between per capita income and entrepreneurship is confirmed. It’s established that a city with a higher concentration of universities is likely to have higher entrepreneurial entry that provides some evidence for the importance of agglomeration economies in terms of knowledge concentration which leads to intensified exchange of ideas and drive knowledge-based entrepreneurship. The third essay aims to assess the returns to patenting and knowledge expenditure in the form of innovative training and education for the UK innovative companies. It also quantifies the incentives that patent protection provides for training expenditure. Controlling for additional firm-specific and industrial characteristics, patent and training premia are estimated viz. the additional new product revenues generated by obtaining a patent and by increase in spending on innovative training. Both patent and training premia are positive, however, there is no inducement for additional knowledge expenditure for a patent holder as expected from the literature. The study fills a gap in calculation of returns to knowledge and patent propensity for the UK innovators.
ESSAYS ON MACROECONOMICS, ENTREPRENEURSHIP AND RETURNS TO KNOWLEDGE / M. Belitski ; coordinatore: A. Missale. Università degli Studi di Milano, 2012 Feb 17. 23. ciclo, Anno Accademico 2010. [10.13130/belitski-maksim_phd2012-02-17].
ESSAYS ON MACROECONOMICS, ENTREPRENEURSHIP AND RETURNS TO KNOWLEDGE
M. Belitski
2012
Abstract
The first essay studies the effects of exogenous and endogenous shocks on output sustainability in Central Eastern Europe and Russia during the 2000s. It expands traditional vector autoregressive model to a multi-country model that relates bank real lending, the cyclical component of output and spreads and accounts for cross-sectional dependence across the countries. Impulse response functions show that exogenous positive shock lead to a drop in output sustainability for nine over twelve Central Eastern European countries, when the endogenous shock is mild and ambiguous. Moreover the effect of the exogenous shock is more significant in the aftermath the crises. The second essay explains variation in entrepreneurship across cities of Commonwealth of Independent States during 1995-2008, utilizing a unique database and employing dynamic panel data analysis. The findings suggest that banking reform facilitates entrepreneurship, whereas the size of the state discourages it. A U-shaped relationship between per capita income and entrepreneurship is confirmed. It’s established that a city with a higher concentration of universities is likely to have higher entrepreneurial entry that provides some evidence for the importance of agglomeration economies in terms of knowledge concentration which leads to intensified exchange of ideas and drive knowledge-based entrepreneurship. The third essay aims to assess the returns to patenting and knowledge expenditure in the form of innovative training and education for the UK innovative companies. It also quantifies the incentives that patent protection provides for training expenditure. Controlling for additional firm-specific and industrial characteristics, patent and training premia are estimated viz. the additional new product revenues generated by obtaining a patent and by increase in spending on innovative training. Both patent and training premia are positive, however, there is no inducement for additional knowledge expenditure for a patent holder as expected from the literature. The study fills a gap in calculation of returns to knowledge and patent propensity for the UK innovators.File | Dimensione | Formato | |
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