The Republic of Bulgaria has been a Member State of the European Union since 2007. Its economic development has been framed by a Currency Board Arrangement (binding the national currency to the euro) since 1997. Recent development is characterised by slow economic growth. Preliminary GDP data...

Innovation is a  polymorph, complex and multifaceted phenomenon. The changing context of Economic issues gives innovation a central role in the performance of Tunisian firms. In recent years, Tunisia's economy has become more complex and knowledge-based while recording remarkable performances...

Given the decline in growth momentum in the manufacturing sector in many OECD countries, the role of knowledge-based capital has emerged as a key driver for sustained growth. While empirical studies on estimating knowledge spillovers have usually been undertaken at the country level, the...

The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries. The global financial crisis struck the euro area very...

Starting from the failure of the R&D-patents traditional relationship, when time-series and/or within industry dimensions are included in the empirical analysis, the present work tries to contribute to the empirical literature in two directions. Firstly, it perform a Granger causality test on...

The sovereign debt crisis, which currently affects especially the European Union, challenges on the one side the actuality of hard borders and the reexamination of soft borders (Horga & Brie, 2008), and on the other side the need for the European Union to deal with an even more complex global...

In this study, we develop a monetary Schumpeterian growth model with endogenous market structure (EMS) to explore the effects of monetary policy on the number of firms, �firm size, economic growth and social welfare. EMS leads to richer implications and different results from previous studies...

This paper provides an empirical test of Cohen and Levinthal’s (1990) hypothesis that undertaking R&D and collaborating with external networks together enhance the probability that firms engage in product and process innovation. Following Doran, Jordan and O’Leary (2013) we test this...

Much of the debate over income convergence hinges on whether technology diffusion is “global” or “local”. In this paper, I address this question in a developing country setting and focus on the role of major research clusters in promoting domestic technology diffusion. I identify four de...

The aim of this paper is to investigate the issue of R&D investment and the market value of the firm. This idea dating back from Arrow paper, later developed by Paul Romer but in the area of economic growth. Zvi Griliches (1979), first introduced the production function, which later would be...