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In this paper we empirically test whether public R&D subsidies crowd out private R&D investment in Flanders and Germany …
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Germany, using firm level data from the Flemish and German part of the Community Innovation survey (CIS III and IV). Both the …
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studies suffer. Using panel data of 1,333 firms from the Schleswig-Holstein region in Germany, we find that the crowding …
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low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany’s banking landscape …
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