This paper examines the fiscal policy challenges for oil-centred economies over the past few years in general, focusing on developments in four major oil-exporting countries in EU neighbouring regions: Algeria, Nigeria, Russia and Saudi Arabia

In this paper we have estimated a behavioural equation for R&D investment. We assess the impact of liquidity constraints and capabilities, measured respectively as internal cash flow and distance from the technological frontier. Our estimation is performed on an industry level panel covering...