Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19485
Authors: 
van Pottelsberghe de la Potterie, Bruno
Romain, Astrid
Year of Publication: 
2004
Series/Report no.: 
Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,18
Abstract: 
This paper attempts to evaluate the macroeconomic impact of venture capital (VC). We test the assumption that VC is similar in several respects to business R&D performed by large firms and therefore contributes to economic growth through two main channels: innovation and absorptive capacity. The quantitative results, based on a panel of 16 OECD countries from 1990 to 2001, show that the social return of VC is significantly higher than the social return of business or public R&D. An increased VC intensity also makes it easier to absorb the knowledge generated by universities and firms.
Subjects: 
Venture Capital
Productivity Growth
Innovation
Absorptive Capacity
JEL: 
G24
D24
O32
O33
Document Type: 
Working Paper

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