The economic implications of Smart Specialisation governance
Smart Specialisation strategies are a legally binding condition for access to European Cohesion Policy funding for research and innovation in the period 2014-2020, and provide the strategic governance framework to guide investment in those areas. Weak or underdeveloped governance of Smart Specialisation strategies can undermine the effectiveness of the policy. This Policy Insight presents a general equilibrium analysis of the impact of the quality of Smart Specialisation governance on its macroeconomic returns. A combination of survey data on Smart Specialisation governance and the RHOMOLO spatial general equilibrium model shows that improving the Smart Specialisation policy governance significantly increases the investment-related impact of the policy. On the other hand, the results suggest that a considerably greater impact can be achieved by improving governance quality. This finding calls for interventions targeting those areas where the quality of policy governance is lagging behind.
GIANELLE Carlo;
GUZZO Fabrizio;
BARBERO Javier;
SALOTTI Simone;
2024-03-25
European Commission
JRC136582
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