Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/183379
Authors: 
Elert, Niklas
Henrekson, Magnus
Stenkula, Mikael
Year of Publication: 
2017
Series/Report no.: 
IFN Working Paper 1150
Abstract: 
It is imperative that the economies of the European Union become more entrepreneurial to promote innovation and economic growth. To achieve these goals, we propose a reform strategy with respect to (i) the rule of law and the protection of property rights; (ii) the tax system; (iii) regulations governing savings, capital and finance; (iv) the organization of labor markets and social insurance systems; (v) regulations governing goods and service markets; (vi) regulations governing bankruptcy and insolvency; (vii) R&D, commercialization and knowledge spillovers; (viii) human capital investments; and (ix) informal institutions. Overall, the proposed institutional changes move in a liberalizing direction; however, one-size-fits-all policy reforms aimed at freer markets will not necessarily be successful. Instead, a successful reform strategy must consider country differences that affect the viability of reform without abandoning the long-term goal of institutional liberalization to promote entrepreneurship, innovation and growth.
Subjects: 
Entrepreneurship
European Union
Innovation
Institutions
Policy reform
Regulation
Self-employment
JEL: 
L26
L5
M13
O31
P14
Document Type: 
Working Paper
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