Forms and mechanisms of public-private partnerships in innovative modernization of the Western Europe economies

Abstract

The main purpose of the article is to review the contemporary forms and mechanisms for financing of public-private partnership (PPP) in the context of a new innovation policy of the European countries. The authors reveal the essence and specific features of PPP in innovation sector, and provide a comparative characterization of direct and indirect mechanisms for PPP financing. The authors analyze the innovative development of the EU countries and divide them into several groups depending on their innovation performance. The performed analysis led to the conclusion that the economic crisis and the slow pace of economic redevelopment have a negative impact on the innovation-driven growth of the EU countries. The authors conclude that the decrease in the volume of public resources may have a negative impact on R&D budgets in the EU member countries. Solution to social and economic problems will require a technological breakthrough. To this end, the governments of European innovation-active countries held a "new course" for innovation policy, including the priorities for the development of national systems of innovation measures to enhance and improve the mechanisms for financial support of innovative entrepreneurship.