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How Private Property Protection Influences the Impact of Intellectual Property Rights on Economic Growth?

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  • Jihong Zhang
  • Ding Du
  • Walter G. Park

Abstract

Although policy-makers typically assume a positive relationship between intellectual property rights (IPRs) and economic growth, the empirical evidence on the IPR-growth relationship is rather inconclusive. We conjecture in this paper that the weak IPR-growth evidence in previous studies may be due to a neglect of the role of finance markets and private property rights. Our conjecture is motivated by the recent law-and-finance literature. We test our conjecture with a cross-section of 98 countries and find that once we modify our measure of IPRs to take into account general property rights, there is stronger evidence for a positive relationship between IPRs and economic growth. Our findings not only help explain the IPR-innovation puzzle but also have significant theoretical as well as policy implications.

Suggested Citation

  • Jihong Zhang & Ding Du & Walter G. Park, 2015. "How Private Property Protection Influences the Impact of Intellectual Property Rights on Economic Growth?," Global Economic Review, Taylor & Francis Journals, vol. 44(1), pages 1-30, March.
    • Handle: RePEc:taf:glecrv:v:44:y:2015:i:1:p:1-30
    DOI: 10.1080/1226508X.2014.961093
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    Cited by:

    1. Mindaugas Kiškis & Tadas Limba & Gintarė Gulevičiūtė, 2016. "Business value of Intellectual Property in Biotech SMEs: case studies of Lithuanian and Arizona’s (US) firms," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 4(2), pages 221-234, December.
    2. Neves, Pedro Cunha & Afonso, Oscar & Silva, Diana & Sochirca, Elena, 2021. "The link between intellectual property rights, innovation, and growth: A meta-analysis," Economic Modelling, Elsevier, vol. 97(C), pages 196-209.
    3. Pamela J. Smith & Sebastian J. Anti, 2022. "How does TRIPs compliance affect the economic growth of developing countries? Application of the Synthetic Control method," The World Economy, Wiley Blackwell, vol. 45(12), pages 3873-3906, December.

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