This paper attempts to the macroeconomic impact of venture capital. The quantitative results, based on a panel of 16 OECD countries from 1999 to 2001, show that the social return of VC is significantly higher than the social return of business or public R&D.
Geography
Link
http://www.solvay.edu/EN/Research/Bernheim/documents/WP-CEB-2004/WP-CEB04-014%20pap_Impact_VC_ARBVP_april04_v7.pdf