European competitiveness: the role of non-scientific innovation, economic flexibility and adjustment
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1 European competitiveness: the role of non-scientific innovation, economic flexibility and adjustment Kristian Uppenberg Economic and Financial Studies, EIB Presentation at the IRMA Workshop: Dynamics of EU industrial structure and the growth of innovative firms European Commission JRC-IPTS-KfG and DGRTD-C2, 18 November 2010, Brussels 1
2 A symbiosis of knowledge creation and economic dynamism Investment in tangible, intangible and human capital Innovation Firm entry, exit and growth Productivity growth 2
3 Intangible investment Computerised info Innovative property Economic competencies Software Science & engineering R&D Brand equity: Advertising; market research Computerised Databases Mineral exploration Firm-specific human capital Copyright & license costs Organisational structure Other R&D/design: New fin. product developm. New architectural designs Social-science R&D Source: Corrado, Hulten, Sichel (2005) 3
4 14% US investment in tangible and intangible capital Percent of GDP 12% 10% 8% Tangibles 6% 4% Intangibles 2% 0% Source: Nakamura (2009) 4
5 Intangible investment by type Market sector, percent of GDP, 2006 or latest available Economic competencies Innovative property Computerized information Japan US UK Sweden Finland Netherl. France Denmark Germany Austria Czech Rep. Spain Italy Slovakia Greece Source: van Ark et al. (2009); Edquist (2009); Fukao et al. (2009); Jalava et al. (2007); Van Rooijen-Horsten et al. (2008) 5
6 Sector composition of labour productivity growth Annual average growth , percentage points Reallocation Market services Goods production ICT production Market economy Finland US UK Austria Netherl. France Belgium Germany EU Denmark Italy Spain 6 Source: van Ark et al. (2008)
7 A symbiosis of knowledge creation and economic dynamism Investment in tangible, intangible and human capital Innovation Firm entry, exit and growth Productivity growth 7
8 Product market regulation Index scale from 0-6 from least to most restrictive EU US Economy-wide regulation Administrative regulation Burdens on corporations Legal barriers to ind. entry Complexity of adm. proced. Telecom sector Post sector Retail sector Professional services 8 Source: OECD Economic Surveys: European Union 2009
9 Annual average percentage point acceleration in labour productivity growth vs Product market regulation and labour productivity acceleration United States Correlation coefficient= 0.4 t statistic= 1.91 without Greece: Correlation coefficient= 0.74 t statistic= 4.62 Switzerland Australia Canada Sweden Ireland Greece United Kingdom Norway New Zealand Austria Netherlands Finland France Belgium Japan Germany Spain Portugal Denmark Italy Regulation in non manufacturing sectors, average 9 Source: Arnold, Nicoletti and Scarpetta (2008) OECD Econ. Dept. WP No. 616
10 Enterprise birth and death rates Percent of all firms, industry and services (average for or latest available) Birth rate Death rate Lithuania Romania Estonia UK Denmark Slovakia Latvia Bulgaria Portugal Hungary Czech Rep. Norway Germany Spain Netherl. France Finland Slovenia Austria Italy Belgium Sweden Source: Eurostat 10
11 Sectors with high birth rates also tend to have high death rates Enterprise death rates, Manufacturing Health Trade Tourism Transport, communication Electricity, gas, water Mining Finance Renting R&D Social servicesit services Education Construction Real estate Source: Eurostat Enterprise birth rates,
12 8 Job creation and destruction rates by firm age and country (average for ) Job creation/destruction ratios for firms over 20 years old JP IT US SE BE FR PL ES FI UK DK PL DK Source: OECD Employment Outlook 2009 FI FR BE SE ES UK Job creation/destruction ratios for firms up to 20 years old JP IT Job creation Job destruction US
13 Value-added growth* by quartiles of the MFP distribution of firms (percent) * relative to the median of the sector and country for which it was estimated Spain France Italy UK 13 Source: Arnold, Nicoletti and Scarpetta (2008) OECD Econ. Dept. WP No. 616
14 Policy implications Promoting firm entry and exit International trade in services Educating entrepreneurs + venture capital and bankruptcy Further research Intangible investment by sector/industry Mapping investment in new technologies and intangibles against firm dynamics 14
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