Scandinavian Working Papers in Economics
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Research Institute of Industrial Economics (IFN) Working Paper Series

No 1150:
Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe

Niklas Elert (), Magnus Henrekson () and Mikael Stenkula ()

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

Keywords: Entrepreneurship; European Union; Innovation; Institutions; Policy reform; Regulation; Self-employment; (follow links to similar papers)

JEL-Codes: L26; L50; M13; O31; P14; (follow links to similar papers)

114 pages, January 26, 2017, Revised February 16, 2017

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This paper is published as:
Elert, Niklas, Magnus Henrekson and Mikael Stenkula, (2017), Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe, SpringerBriefs in Economics, Springer, ISBN ISBN 978-3-319-55091-6.

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