Technology transfer offices and academic spin-off creation: the case of Italy

Over the past decades, university-industry relationships have become an important subject due to the essential role played by technological progress in the economic development of countries. From a theoretical point of view, several studies have shown the close relationship between investments in research and innovative activities of universities and the economic growth of specific territories. Indeed, the strong linkages between universities and a country’s production system encourage the process of technology transfer and the commercial use of the research results. For this reason, the European Union has implemented a series of measures to promote the adoption of research findings in the real economic and social context, strengthening the linkages between universities, industries and government. As a starting point for enhancing this link, specific mechanisms have been devised by universities. In particular, technology transfer offices (TTOs) have been created to stimulate and encourage the dissemination of the research outcomes, translate them into practise, and facilitate their interrelations with the other two agents of the innovation systems: industries and government. Within this context, the present paper aims to gain knowledge on the determinants of spin-off creation in Italy with special attention to the role played by university TTOs. Specifically, an econometric probability model has been built merging the extant literature into four distinct strands. The analysis, based on the NetVal indicators and primary data survey, has allowed us to assess the Italian experience at an aggregate and disaggregate level.     

The Dutch Disease: evidences from Russia

The present study examines whether the Russian economy exhibits the symptoms of the Dutch Disease over the transition period begun in the early 1990s. Five warning signs have been detected, namely, a real exchange rate appreciation (1); a flourishing economic situation pushed by higher oil prices (2); a relative de-industrialisation (3); an export reduction in the non-booming-sector (4) and a real wage growth (5). The first three symptoms are estimated simultaneously in a VECM dimension. The results suggest the existence of three long-run cointegrating vectors, thus confirming the presence of the first three symptoms. Specifically, a 10% oil price shock leads to a real appreciation by 4%, a rise in GDP by 3% and a decline in domestic manufacturing production vis-à-vis service production by another 3%. Finally, a number of manufacturing exports have been crowded out and real wages have recorded important increases. To a certain extent, this corroborates the presence of symptom 4 and 5. The paper concludes that the risk of the Dutch Disease exists, and two preventive thrusts of action could be undertaken to reduce its threat: namely to diversify the economy and to hold back the appreciation of the exchange rate through targeted fiscal and monetary policies. These instruments would render Russia less vulnerable to exogenous shocks.