Advancing Innovation in ECA September 17-20, Yerevan, Armenia Innovation and Absorption in ECA - The Role of Government

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1 Advancing Innovation in ECA September 17-20, Yerevan, Armenia Innovation and Absorption in ECA - The Role of Government September 17, 2007 Mr. Itzhak Goldberg Advisor, Policy and Strategy World Bank

2 The Role of Innovation and Absorption for Growth Labor Labor Growth Productivity Capital Capital Human Human Capital Capital Brain Circulation Innovation Innovation Absorption Absorption R&D Trade & FDI Investment Investment Climate Climate K-Flows 2

3 Innovation vs. Absorption From Absorption to Innovation: New to the Firm versus New to the World Examples of absorption: Adopt new product, process, Upgrade old product, process; Quality certification, Technology license Examples of Innovation: invent new technology or product 3

4 Channels of Absorption Learning & Brain Circulation Trade & FDI Absorption Knowledge Flows: Patents, Citations R&D 4

5 Channel I: Trade and FDI Exporter 50% more likely to introduce new products, processes, but chicken & egg Foreign ownership 18% increase in technology upgrading. JV with MNE 100% increase in technology upgrading. Policy : international openness 5

6 Channel II: Learning and Brain Circulation Education and training by firms. Models: Finland, Korea Brain-drain Brain circulation. Models: India, Israel, Armenia? Policy: Investment in education and openness to attract returnees 6

7 Channel III: Research and Development R&D for absorption, not JUST for innovation -- the second face of R&D à la Cohen and Levinthal (1990) R&D output does not flow costlessly from developed to developing countries. China invests massively in R&D Policy: Matching Grants below 7

8 Channel IV Knowledge Flows: Econometric Analysis of ECA Patents Sample: 3000 ECA-generated patents in US and EU. Findings: Indigenous (not joint) patents make fewer citations to the global literature, cite older technologies, Indigenous patents are less frequently cited by the world. Conclusion: weak connection to global technological mainstream 8

9 Finding: Growing R&D collaboration Many ECA patents are co-invented with inventors in Western economies, mainly Germany Many ECA patents assigned to MNEs; some to ECA-based subsidiaries of MNEs. Data hint that collaboration might be overcoming isolation 9

10 Role of Government the Why? Market failures may justify government intervention to stimulate absorptive capacity in private sector BUT Policy design needs to account for government failures: capture, corruption, misaligned incentives AND 10

11 Pre-requisites for Intervention Skills and Human Capital India: Early publicly financed education - critical importance Investment Climate and Governance Russia: Poor investment climate (weak competition, red tape); governance: corruption, regional government capture by business 11

12 KEI measure of Pre-requisites Source: ECA Study Public Financial Support for Commercial Innovation,

13 The How of Government Intervention? Governments can support absorption via: 1. Role I: Regulatory interventions to open to FDI and K-Flows by Entry, Financial Discipline, Exit, Mobility, Barriers to FDI, Trade: Non-Tariff-Barriers, Customs, Standards, Quality Certification and IPR Enforcement 2. Role II: Commitment of public funds financial and institutional instruments - next. 13

14 Option I: Financial Instruments Matching grants: preserve private risk, can they be protected from corruption and capture by vested interests? Soft loans: maturity deters risk taking Tax holidays: no profit to offset in SMEs (Source: WB ECA Study Public Financial Support for Commercial Innovation, 2006) 14

15 Option II: Institutional Instruments Why & How should governments intervene in the management of: Technology Incubators Technology parks Own, Manage or Pay: 1. Privately owned/managed & subsidized 2. Publicly owned & managed 3. Publicly owned & privately managed & subsidized 15

16 ECA KE Discussion Issues Are Pre-Requisites met? - Human Capital, Investment Climate, Are Channels Open? - FDI/trade, skills & brain circulation, K-Flows, R&D Governance of Incubators/Parks? - who owns, manages, pays? Protected from capture by industry? From Government interventions? 16

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