Working Paper No. 1150

Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe

Published: January 26, 2017, revised February 16, 2017Pages: 114Keywords: Entrepreneurship; European Union; Innovation; Institutions; Policy reform; Regulation; Self-employmentJEL-codes: L26; L5; M13; O31; P14

Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe Niklas Elert, Magnus Henrekson and Mikael Stenkula


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.

Niklas Elert

Contact

Ph: +46 8 665 4583
niklas.elert@ifn.se

Magnus Henrekson

Contact

Ph: +46 (0)8 665 4502
magnus.henrekson@ifn.se

Mikael Stenkula

Contact

Ph: +46 8 665 4530
Mob: +46 700 44 87 27
mikael.stenkula@ifn.se

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About the book

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