Proceedings of the 16th International Academic Conference, Amsterdam

IMPACT OF INTELLECTUAL PROPERTY RIGHTS ON MACROECONOMIC GROWTH : A PANEL DATA STUDY IN KOREA

HYOJEONG LIM

Abstract:

Based on the assumption that intellectual property rights are a driver of economic development, this paper aims to estimate the production elasticity of intellectual property stocks in Korea. The unbalanced panel data during 2005-2012 is constructed with 29 manufacturing and service industries and applied to a Cobb-Douglas production function. Empirical results confirm that the stock of patents, the stock of trademarks, and the stock of design rights significantly contribute to Korean economic growth in the 2000s, respectively. Whereas the production elasticity of intellectual property stocks differs in the characteristics of patents, trademarks and design rights, the results show that increases in trademark stocks are the most influential factor in economic growth.

Keywords: Production Elasticity, Intellectual Property Stock, Cobb-Douglas Production Function, Panel Data

DOI: 10.20472/IAC.2015.016.046

PDF: Download