nep-ino New Economics Papers
on Innovation
Issue of 2017‒09‒24
twenty-one papers chosen by
Uwe Cantner
University of Jena

  1. Innovation and growth potential: managing investment in middle market companies By Laure-Anne Parpaleix
  2. Measuring the Spillovers of Venture Capital By Schnitzer, Monika; Watzinger, Martin
  3. From Fossil Fuels to Renewables: The Role of Electricity Storage By Itziar Lazkano; Linda Nøstbakken; Martino Pelli
  4. Organizational context and innovation ambidexterity: Is creativity the missing link? By Sébastien Brion; Caroline Mothe
  5. The impact of Digitalization on Business Models: How IT Artefacts, Social Media, and Big Data Force Firms to Innovate Their Business Model By Bouwman, Harry; de Reuver, Mark; Nikou, Shahrokh
  6. Text matching to measure patent similarity By Sam Arts; Bruno Cassiman; Juan Carlos Gomez
  7. Eco-innovation strategies: Spanish service and manufacturing firms By Jové Llopis, Elisenda; Segarra Blasco, Agustí, 1958-
  8. Spillover and R&D Incentives under Incomplete Information in a Duopoly Industry By Chatterjee, Rittwik; Chattopadhyay, Srobonti; Kabiraj, Tarun
  9. Productivity, technical efficiency and technological change in French agriculture during 2002-2014: A Färe-Primont index decomposition By K Hervé Dakpo; Yann Desjeux; Philippe Jeanneaux; Laure Latruffe
  10. RIO Country Report 2016: Croatia By Racic Domagoj; Jadranka Svarc; Hristo Hristov
  11. Cooperation or non-cooperation in R&D: how should research be funded? * By Marie-Laure Cabon-Dhersin; Romain Gibert
  12. The Microbiome, diet and health: Towards a science and innovation agenda By OECD
  13. Non-adopters of Social Media: Comparing their Lifestyles, Perceived Innovation Attributes, and Sociodemographic Attributes with All-adopters, Partial-adopters, and Minimum-adopters By Li, Shu-Chu Sarrina; Chen, Yen-Shen
  14. Measuring and Examining Innovation in Philippine Business and Industry By Albert, Jose Ramon G.; Llanto, Gilberto M.; Serafica, Ramonette B.; Vizmanos, Jana Flor V.; Bairan, Jose Carlos Alexis C.; Quimba, Francis Mark A.
  15. Innovation and growth potential: managing investment in middle market companies By Laure-Anne Parpaleix
  16. The Coevolutionary Relationship of Technology, Market and Government Regulation in Telecommunications By Lin, Xuchen; Lu, Ting-Jie; Chen, Xia
  17. Dynamics of ICTs: assessing investments in R&D. A global cross-comparison By De Prato, Giuditta; López Cobo, Montserrat; Simon, Jean Paul
  18. A Multi-Country Comparison of User Innovation Behaviors on Smartphone Applications By Yoo, Bosul; Katsumata, Sotaro; Ichikohji, Takeyasu
  19. An ICT Use Case of Social Business Based on the Business Model Perspective By Ogawa, Tetsuji; Yuhashi, Hiroyasu; Nishigaki, Masakatsu
  20. Potential Impact of Financial Innovation on Financial Services and Monetary Policy By Marek Dabrowski
  21. The effect of climate policies on renewable energies : a review of econometric studies By Guillaume Bourgeois; Sandrine Mathy; Philippe Menanteau

  1. By: Laure-Anne Parpaleix (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The search for levers to sustain economic growth, which is a key and topical challenge for public policy and private actors, has turned into an intensive research topic in both economy and management. Sustaining growth through investments remains at the heart of public policies insofar as growth is assumed to be correlated to economic drive notably through increased firms’ profit and employment rate. Therefore, search for a better understanding of growth determinants has been extensively discussed in numerous theoretical and empirical studies (Coad 2007). Throughout the continuous refinement in the economic models investigating the dynamics of investment for sustained growth, technological progress and, further, innovation have taken an increasing role. Overall, innovation stands out as one of the main growth driver (Ahlstrom 2010), a result that is thought to help steering the investment choices. Yet, the underlining processes linking investment to innovation on the one side, and innovation to growth on the other remain ill-understood. On the one hand, despite voluminous and diverse literature (Cameron 1998) produced by the study of innovation impact on economic growth, a precise relationship has yet to be unequivocally established (Demirel and Mazzucato 2009). Characterizing the relationship between firm innovativeness and growth raises the stake of identifying accurate and appropriate measurements for both growth and innovative activities. On the other hand, the classical thought that R&D spending is statistically linked to innovation, thus far roughly correlating the issue with the right amount of resources invested, has been repeatedly proven false over large sets of data. The absence of a mechanical impact of investment on innovative output, known as “the R&D paradox” (Le Masson, Weil et al. 2010), shows that beyond the initial financial inputs, appropriate design management and governance models seem necessary to support sustainable innovative activities. A wide range of researches in the field of innovation management has built on this perspective to offer refined patterns of innovative activities process. However, their impact on firms’ growth dynamics has not been pinpointed. Because of this failure in understanding growth drivers, investors lack of managing strategies allowing them to guide their investing policies. Thus, my researches aim at describing new growth dynamics in order to shape investment guiding tools.
    Keywords: innovation management,private equity,economic growth
    Date: 2016–06–11
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-01496274&r=ino
  2. By: Schnitzer, Monika (LMU München); Watzinger, Martin (LMU München)
    Abstract: We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger in complex product industries than in discrete product industries. Start-ups with experienced inventors holding a patent at the time of receiving the first round of investment produce the largest spillovers, indicating that venture capital fosters the commercialization of technologies. Methodologically, we contribute by developing a novel definition of the spillover pool, combining citation-based and technological proximity-based approaches.
    Keywords: venture capital, spillovers, innovation;
    JEL: G24 O30 O31 O32
    Date: 2017–09–13
    URL: http://d.repec.org/n?u=RePEc:rco:dpaper:46&r=ino
  3. By: Itziar Lazkano (Economics Department, University of Wisconsin-Milwaukee); Linda Nøstbakken (Department of Economics, Norwegian School of Economics); Martino Pelli (Economics Department, Université de Sherbrooke)
    Abstract: Electricity storage represents a solution to curb emissions by enabling more use of intermittent renewable energy. Our goal is to empirically analyze the determinants of innovation in electricity storage and its role in fostering technological innovations in renewable and conventional electricity generation. Using a global firm-level data set of electricity patents from 1963 to 2011, we find that better electricity storage promotes innovation not only in renewable energy but also in conventional technologies. Specifically, our estimates show that an additional storage patent increases the probability to apply for patents in renewable energy and efficiency-improving fossil fuel technologies two years from now by 1.11% and 0.66%, respectively. This implies that improved electricity storage technologies can boost the energy efficiency of conventional, fossil fuel-fired power plants as well as increase the use of renewable electricity. Thus, the ability of electricity storage to curb carbon emissions depends on: the competitiveness of renewable energy against conventional electricity generation, and conventional power generation mix as storage increases fossil-fuel efficiency and reduces ramping costs.
    Keywords: Electricity storage; Innovation; Electricity; Directed technical change.
    JEL: O3 O4 O5 Q2 Q3 Q4 Q5
    Date: 2017–09
    URL: http://d.repec.org/n?u=RePEc:shr:wpaper:17-06&r=ino
  4. By: Sébastien Brion (CRET-LOG - Centre de Recherche sur le Transport et la Logistique - AMU - Aix Marseille Université); Caroline Mothe (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc)
    Abstract: Creativity might be a prerequisite of technological innovation or an element of it. This article seeks to extend both prior studies that analyse which organizational contexts foster innovation ambidexterity without considering creativity and research that demonstrates a mediating effect of creativity on organizational performance without accounting for innovation ambidexterity. An empirical study of 307 French firms reveals that creativity is a missing link between the organizational context and ambidexterity, a result with interesting implications relative to the prerequisites for creativity and innovation ambidexterity. Managers thus should implement an organizational context that encourages creativity, rather than directly emphasising innovation ambidexterity.
    Keywords: Creativity, Organisational context, Ambidexterity, Innovation
    Date: 2016–05–30
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-01419039&r=ino
  5. By: Bouwman, Harry; de Reuver, Mark; Nikou, Shahrokh
    Abstract: Digital technology has forced entrepreneurs to reconsider their business models (BMs). Although research on entrepreneurial intention and business models is gaining attention, there is still a large knowledge gap on both fields. In this paper, we specifically address the impact of digitalization on business model innovation (BMI). Based on data collected from 338 European small- to medium-sized enterprises (SMEs) actively using IT artefacts, social media, or big data to innovate their business model, we study antecedents of BM experimentation and BM innovation practices, as well as overall business performance. We carried out four in-depth case studies of companies in which BM innovation is related to IT artefacts and more specifically to social media and big data. The findings from the quantitative study show that BMI is related to IT artefacts, social media, and big data. Use of IT artefacts, social media, and big data is mainly driven by strategic and innovation-related internal motives, although external technology turbulence plays a role too. BM innovation driven by IT artefacts, social media, and big data has an impact on performance. Although the case studies show that this is more evident for IT artefacts and big data than for social media.
    Keywords: big data,business model innovation,digitalization,IT artefacts,social media
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168475&r=ino
  6. By: Sam Arts; Bruno Cassiman; Juan Carlos Gomez
    Abstract: We propose using text matching to measure the technological similarity between patents. Technology experts from different fields validate the new similarity measure and its improvement on measures based on the United States Patent Classification System, and identify its limitations. As an application, we replicate prior findings on the localization of knowledge spillovers by constructing a case-control group of text-matched patents. We also provide open access to the code and data to calculate the similarity between any two utility patents granted by the United States Patent and Trademark Office between 1976 and 2013, or between any two patent portfolios.
    Keywords: text mining, matching, patent, patent classification, technological similarity
    Date: 2017–08
    URL: http://d.repec.org/n?u=RePEc:ete:msiper:590543&r=ino
  7. By: Jové Llopis, Elisenda; Segarra Blasco, Agustí, 1958-
    Abstract: The drivers for the adoption of an eco-innovation strategy have been widely explored in the recent literature but, to date, most of these studies have been carried out on manufacturing industries. Hence, this paper investigates the similarities and differences between service and manufacturing firms, distinguishing between the high-tech and lowtech sectors. Using panel data of 4,535 Spanish firms for the period 2008—2014, we specify a dynamic probit model with sample selection. In line with other contributions in the literature, our results confirm the importance of regulatory stimulus to eco-innovation, mainly in form of demand-pull and, especially, in terms of demand push (subsidies) for sectors with low technology intensities. Institutional sources of information seem to be a more important driver for services firms with high technology intensity, whereas manufacturing firms rely more on internal or other sources of information. Furthermore, we find that eco-innovation is highly persistent at the firm level in both sectors and at both technology intensities. Hence, past eco-innovation behaviour is clearly more decisive in explaining the current state of eco-innovation orientation. Keywords: eco-innovation strategy, environmental innovation, service sector, manufacturing sector, green strategy, Spain. JEL Classification Numbers: O31. Q55
    Keywords: Planificació estratègica -- Aspectes ambientals, Innovacions tecnològiques -- Aspectes ambientals, Sector terciari, 33 - Economia,
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:urv:wpaper:2072/292434&r=ino
  8. By: Chatterjee, Rittwik; Chattopadhyay, Srobonti; Kabiraj, Tarun
    Abstract: Spillover of R&D results in oligopolistic industries may affect the R&D decisions of firms. How much a newly eveloped technology by a firm gets spilled over to its rival firms may or may not be observable by the concerned firm. This paper considers a two stage game involving two firms. In the first stage the firms decide whether to invest in R&D and in the next stage they compete in a Cournot duopoly market. The R&D incentives of firms are compared under alternative assumptions of complete and incomplete information scenarios involving general distribution function of types. The results indicate that the impact of availability of more information regarding rival’s ability to benefit from spilled over knowledge on R&D activities of firms is ambiguous.
    Keywords: R&D incentives, Duopoly, Asymmetric information, Spillover, Type distribution
    JEL: D43 D82 L13 O31
    Date: 2017–06–01
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:81371&r=ino
  9. By: K Hervé Dakpo; Yann Desjeux; Philippe Jeanneaux; Laure Latruffe
    Abstract: The objective of the article is to assess productivity change in French agriculture during 2002-2014, namely total factor productivity (TFP) change and its components technological change and technical efficiency change. For this, we use the economically-ideal Färe-Primont index which verifies the multiplicatively completeness property and is also transitive, allowing for multi-temporal/lateral comparisons. To compare the technology gap change between the six types of farming considered, we extend the Färe-Primont to the meta-frontier framework. Results indicate that during 2002-2014, all farms experienced a TFP progress. Pig and/or poultry farms had the lowest TFP increase, while beef farms had the highest (19.1%). The latter farms had the strongest increase in technical efficiency, while technological progress was the highest for mixed farms. The meta-frontier analysis shows that field crop farms’ technology is the most productive of all types of farming.
    Keywords: total factor productivity (TFP), Färe-Primont index, meta-frontier, French farms
    JEL: D24 O47 Q10
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:rae:wpaper:201707&r=ino
  10. By: Racic Domagoj (Mreza Znanja d.o.o); Jadranka Svarc (Ivo Pilar Institute of Social Sciences); Hristo Hristov (European Commission - JRC)
    Abstract: The 2016 series of the RIO Country Report analyses and assesses the development and performance of the national research and innovation system of the EU-28 Member States and related policies with the aim of monitoring and evaluating the EU policy implementation as well as facilitating policy learning in the Member States.
    Keywords: R&I system, R&I policy, ERA, innovation union, Semester analysis, Croatia
    JEL: I20 O30 Z18
    Date: 2017–09
    URL: http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc105846&r=ino
  11. By: Marie-Laure Cabon-Dhersin (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - Université de Rouen); Romain Gibert (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - Université de Rouen)
    Abstract: This article compares two research funding policies in a cooperative or non-cooperative R&D setting: subsidising private research (Spr) and subsidising public research (Spu). We show that the Spr policy induces better performance than the Spu approach in terms of overall net surplus whether firms cooperate or not in R&D. Nevertheless, subsidising public research leads to greater R&D investment overall provided that the knowledge externalities from the public to the private research sector are not too high. The Spu policy is more effective in terms of research efforts when firms cooperate and subsidies are low.
    Keywords: R&D spillovers, Knowledge public externalities,R&D Cooperation, Subsidies, Public policy
    Date: 2017–09–13
    URL: http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01587014&r=ino
  12. By: OECD
    Abstract: There is now strong evidence that microbiomes play an important role in human health, as there are clear linkages to many of the major non-communicable diseases. This report assesses the key policy challenges for innovation in the microbiome. Evidence is accumulating that through diet, the gut microbiome can be altered to generate greater well-being, to offer better protection against non-communicable diseases, and even to cure such conditions. The report argues that if such a promising scientific field is to lead to innovative applications, policies on science and innovation must be improved in five areas: 1) science policy; 2) enabling translational science; 3) public-private collaboration; 4) regulatory frameworks; and 5) skills, communication and the public.
    Date: 2017–09–22
    URL: http://d.repec.org/n?u=RePEc:oec:stiaac:42-en&r=ino
  13. By: Li, Shu-Chu Sarrina; Chen, Yen-Shen
    Abstract: This study adopted Rogers’ diffusion of innovation model to investigate the adoption of three social media with high penetration in Taiwan—Facebook, Line, and email. Special attention was paid to identifying the factors that differentiated the non-adopters (who did not adopt any of the three social media) from the all-adopters (who adopted all three social media), the partial-adopters (who adopted two social media), and the minimum-adopters (who adopted only one social medium). Two methods were adopted; one was to conduct 20 intensive interviews and the other was to administer a nationwide telephone survey with 1042 valid questionnaires. Two conclusions were obtained: (1) The characteristics of the non-adopters were congruent with those of the laggards in Rogers’ model, demonstrating that the non-adopters were less educated, less affluent, older, and used mass media less frequently than the other types of adopters; (2) the lifestyles of the non-adopters differed greatly from those of all-adopters, partial-adopters, and minimum-adopters.
    Keywords: Facebook,Line,email,Rogers’ diffusion of innovation model,non-adopters,lifestyle
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168515&r=ino
  14. By: Albert, Jose Ramon G.; Llanto, Gilberto M.; Serafica, Ramonette B.; Vizmanos, Jana Flor V.; Bairan, Jose Carlos Alexis C.; Quimba, Francis Mark A.
    Abstract: Innovation involves implementing new or significantly improved goods and services, production processes, marketing, or organizational methods for adding value. The measurement of innovation provides a mechanism for benchmarking national performance, and for examining innovation and its relation to economic growth. Further, examining determinants and bottlenecks to innovation among firms provides inputs to mainstreaming of policies on innovation. This paper describes and discusses the results of the 2015 Survey of Innovation Activities, conducted by the Philippine Institute for Development Studies. Survey results suggest that less than half of the firms in the country are innovators, with larger-sized firms innovating more than micro, small, and medium establishments. Government needs to have a champion for developing stronger policies and interventions to support and encourage innovation. It is also important to improve information dissemination on public programs available to assist firms in innovating. Networking, linkages, and collaboration among the government, industry associations, and universities and research institutions also require further enhancement.
    Keywords: Philippines, micro, small, and medium enterprises, innovation, process innovation, product innovation, organizational innovation, marketing innovation, MSMEs
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2017-28&r=ino
  15. By: Laure-Anne Parpaleix (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In recent years, economic growth has turned into a key challenge for both public politics and private actors thus leading to extensive discussions about growth determinants. Innovation early stood out as one of the main growth driver. Nevertheless, despite of prolific empirical economic studies, correlation tests between innovation and growth remains inconclusive. Based on recent management researches findings, my research aims at investigating new factors to explain these empirical discrepancies as well as the link between investment and innovation policies. It will be conducted in partnership with Bpifrance, a state-owned organism backing national public policies by assisting companies through different types of investments. Bpifrance provide an appropriate field of research as its main mission is to ensure firms forthcoming competitiveness through investment, growth and innovation. Beyond a better understanding of the growth trajectories, I expect to develop new management devices for investors such as Bpifrance, whose aim is to identify how to better contribute to the firms' and the national economic growth. My research focuses on middle market companies, a single category hiding a large diversity of innovation and growth patterns. As the focus on middle market companies is fairly new, little is known about their specific innovative capabilities and growth potential, thus making it hard for public actors to tailor appropriate policies. Both theoretical and managerial findings are expected among which a better understanding of the determinants of growth and the role of innovation capabilities in firms' growth trajectories; original growth and investments models with parameters linked to the description of innovation capabilities; and devices to steer the adjusted investment strategies.
    Keywords: innovation management,economic growth,capital investment
    Date: 2016–05–30
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-01499024&r=ino
  16. By: Lin, Xuchen; Lu, Ting-Jie; Chen, Xia
    Abstract: The technical change in telecommunications industry is tremendous, and it is exactly the continuous technological progress in telecommunications that brings sustained prosperity and development of the telecommunications industry. Inthis paper, the interplay between technology, market and government in telecommunicationsis discussed brieflyin the first place, and thenwe introduce technologyand government into the traditional SCP paradigm as essential factorswhich have economic meaningstoconstruct a new industry analysis framework called TGM (SCP). Basedon this framework, we propose thespiral coevolutionmodel of telecommunications industrywhich elaborates on the interaction mechanism between technological innovation, government regulation and market evolution in telecommunications. Our study indicatesthatthe evolution of the telecommunications industry is the result of technological innovation, government regulation and market competition, and among the three, technological innovation is the fundamental driving force. Compared to the “invisible hand”—market and “visible hand” —government, we believe that technology is the “third hand” in telecommunications industry. The policy implications regarding thesefindingsaregiven at the end of this paper.
    Keywords: technological innovation,government regulation,telecommunications,industry analysis
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168516&r=ino
  17. By: De Prato, Giuditta; López Cobo, Montserrat; Simon, Jean Paul
    Abstract: The paper describes the dynamic features of the ICT sector today, through a comparison among countries of the evolving role of investments in R&D in ICT. 41 geographical areas are analysed: 28 European member states, the EU as a whole, the United States, Canada, Australia, five Asian countries (Taiwan, South Korea, Japan, China and India), three European countries not belonging to the EU (Russia, Norway and Switzerland) and one Latin American country (Brazil). The analysis has been made possible by the development of comparable long time series (from 1995 to the most recent year, 2014 or 2015 depending on the indicator), based on official sources and covering an array of indicators related to the ICT content of economic activities, with a focus on R&D.
    Keywords: Business R&D expenditures (BERD),ICT share of the economy,labour productivity,employment,international comparisons,specialisation in ICT production,R&D personnel,value added,digital transformation
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168535&r=ino
  18. By: Yoo, Bosul; Katsumata, Sotaro; Ichikohji, Takeyasu
    Abstract: This study examines preceding factors of user innovation behavior using a case of smartphone applications toexamineindirect and direct effects of consumer attitude on user innovation. Specifically, this study focuses ontwo aspects of the user innovation evaluation:quality and quantity. Quality of user innovation in particular has the potentialtocontribute tothe profitability of firms thatprovide social mediaor other community services.This study proposes a structural model to examine the relationship between thesetwo user innovation aspects and preceding attitude factors, involvement, consumer knowledge,and customer orientation.The empirical analysisis based ona consumer survey to examine commonalitiesand differences in two countries: Japan and China. In each country, two services are chosen asrepresentative cases of the user-generated content business modelto measure user innovation behaviors based on the two aspectsmentioned.Byclarifying the preceding factors of user innovation behavior, this study hasimplications for new business models and future innovation research.
    Keywords: User Innovation,Smartphone Applications,UGC (User-Generated Content),Customer Orientation
    JEL: M31 M15 O30
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168553&r=ino
  19. By: Ogawa, Tetsuji; Yuhashi, Hiroyasu; Nishigaki, Masakatsu
    Abstract: Social businesses that solve local social problems using business methods have gained attention lately. Using information and communication technology (ICT) to solve social problems is expected to create social innovation that is compatible with social missions and business feasibility; however, the mechanism has not been clarified. In this research, a successful social business is analyzed with a focus on ICT and social capital, and attempts are made to define the mechanism of social innovation. The case of a direct sales store at a local roadside station was used to conduct a business model analysis using interviews to collect data. As a mechanism of social innovation, social capital has smoothly introduced ICT and strategic change, and the introduction of ICT changed the business model from a horizontal division type to a vertical integration type.
    Keywords: Social Innovation,Business Model,Social Capital
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:zbw:itsp17:168527&r=ino
  20. By: Marek Dabrowski
    Abstract: The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry’s business model in both its banking and non-banking components. It has already revolutionised financial services and, most likely, will continue to do so in the future. If not responded to adequately and timely by regulators, it may create new risks to financial stability, as occurred before the global financial crisis of 2007-2009. However, financial innovation will not seriously affect the process of monetary policymaking and is unlikely to undermine the ability of central banks to perform their price stability mission. The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry’s business model in both its banking and non-banking components. It has already revolutionised financial services and, most likely, will continue to do so in the future. If not responded to adequately and timely by regulators, it may create new risks to financial stability, as occurred before the global financial crisis of 2007-2009. However, financial innovation will not seriously affect the process of monetary policymaking and is unlikely to undermine the ability of central banks to perform their price stability mission.
    Keywords: monetary policy, financial innovation, electronic money
    JEL: E41 E44 E51 E52 E58 G21
    Date: 2017–07
    URL: http://d.repec.org/n?u=RePEc:sec:cnstan:0488&r=ino
  21. By: Guillaume Bourgeois (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes); Sandrine Mathy (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes); Philippe Menanteau (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes)
    Abstract: The limitation of global warming below 2°C requires rapid and significant deployment of renewable energies in the power sector. Policies to support innovation and diffusion of renewables have been implemented for more than 20 years. There is currently a debate surrounding their economic and environmental efficiency and the right balance between support for innovation and support for diffusion. This article sheds light on the stakes of this debate by presenting the results of the econometric literature which evaluates the effect of these policies and compares these results with the main conclusions of non-econometric studies. The results show that innovation policies and diffusion policies have a positive impact on renewable energies and so confirm non-econometric studies. However, they reveal differentiated effects
    Abstract: La limitation du réchauffement climatique nécessite un déploiement rapide et important des énergies renouvelables (ENR). Des politiques de soutien visant l'innovation et la diffusion de ces technologies ont été mises en oeuvre depuis plus de 20 ans. Il existe aujourd'hui un débat sur leur efficacité environnementale et économique et sur le bon équilibre entre soutien à l'innovation et à la diffusion. Cet article éclaire les enjeux de ce débat en présentant les résultats de la littérature économétrique qui évalue l'effet de ces politiques et en comparant ces résultats avec les principaux enseignements des études non économétriques. Les résultats montrent que les politiques d'innovation et les politiques de diffusion ont un impact positif sur les ENR et confirment en cela les études non économétriques. Ils font toutefois apparaitre des effets différenciés selon la nature des politiques (politiques prix versus politiques quantités) et la maturité des technologies.
    Keywords: Public policies,renewable energy,innovation,diffusion,literature review,Politiques publiques, énergies renouvelables, innovation, diffusion, revue de la littérature, études économétriques
    Date: 2017
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-01585906&r=ino

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