R&D, Industrial Policy and Growth

نویسندگان

چکیده

An issue with estimating the impact of industrial support is that firms receive may be politically connected, introducing omitted variable bias. Applying fixed-effects regressions on Vietnamese panel data containing several proxies for political connectedness to correct this bias, we find in form tax holidays experience more rapid productivity growth, particularly R&D-intensive industries, and less so among connected firms. These findings do not appear due presence financing constraints. We then develop a second-generation Schumpeterian growth model many show disproportionately raise industries. results are significant important governments, especially those transition developing countries, better targeting their policy facilitate higher growth.

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