Searching for Exits from the Great Recession: Coordination of Fiscal Consolidation and Growth Enhancing Innovation Policies in Central and Eastern Europe |
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| Authors: | Erkki Karo Rainer Kattel Ringa Raudla |
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| Affiliation: | 1. Senior Research Fellow, Ragnar Nurkse Department of Innovation and Governance, Tallinn University of Technology, Akadeemia tee 3, 12618 Tallinn, Estonia;2. Research Professor, Institute for Innovation and Public Purpose, University College London, Central House, 14 Upper Woburn Place, London WC1H 0NN, UK;3. Professor, Ragnar Nurkse Department of Innovation and Governance, Tallinn University of Technology, Akadeemia tee 3, 12618 Tallinn, Estonia;4. Professor, Ragnar Nurkse Department of Innovation and Governance, Tallinn University of Technology, Akadeemia tee 3, 12618 Tallinn, Estonia |
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| Abstract: | To overcome the Great Recession that started in 2008, the European Union (EU) has opted for a strategy that combines austerity-driven fiscal and experimental ‘growth-enhancing’ research, development, and innovation (RDI) policies supported by different coordination mechanisms. We analyse the experiences of four Central and Eastern European economies—the Czech Republic, Estonia, Poland, Slovenia—in implementing this strategy. Given the weak policy capacities both in the EU institutions and CEE economies to draft and coordinate such novel RDI policies, we find that the implementation of this strategy is more challenging under the current EU fiscal and economic policy coordination system than assumed by the EU. |
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