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Intangible Capital and Growth in Advanced Economies: Measurement and Comparative Results

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Author Info

  • Corrado, Carol
  • Haskel, Jonathan
  • Iommi, Massimiliano
  • Jona-Lasinio, Cecilia

Abstract

Conventional measures of business investment consist primarily of tangible assets such as plant and equipment, vehicles, office buildings and other commercial structures. Corrado, Hulten and Sichel (2005, 2009) show business investment in intangibles (software, design, R&D, branding, organizational capital) exceeds tangible investment for the United States. This paper presents a harmonized data set and analysis of intangible investment, 1995-2009, for the EU27, Norway and the US, and growth accounts including intangible capital for 14 countries. We find (a) intangible investment in the EU is less than the US, but the share of intangible investment in GDP has been growing faster than the share of tangible (b) between 1995 and 2007 capital deepening accounted for almost 50% of growth in the EU and 65% in the US, with intangible investment contributing around half of capital deepening (c) higher rates of intangible capital deepening are associated with higher TFP growth, consistent with spillovers from intangibles.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9061.

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Date of creation: Jul 2012
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Handle: RePEc:cpr:ceprdp:9061

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Keywords: growth; intangibles; investment;

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Cited by:
  1. Marcel P. Timmer & Abdul Azeez Erumban & Bart Los & Robert Stehrer & Gaaitzen J. de Vries, 2014. "Slicing Up Global Value Chains," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 99-118, Spring.
  2. Tsutomu Miyagawa & Shoichi Hisa, 2013. "Measurement of Intangible Investment by Industry and Economic Growth in Japan," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 9(2), pages 405-432, March.
  3. MIYAGAWA Tsutomu & TAKIZAWA Miho & EDAMURA Kazuma, 2013. "Does the Stock Market Evaluate Intangible Assets? An empirical analysis using data of listed firms in Japan," Discussion papers 13052, Research Institute of Economy, Trade and Industry (RIETI).
  4. Carol Corrado & Charles R. Hulten, 2012. "Innovation Accounting," Economics Program Working Papers 12-04, The Conference Board, Economics Program.
    • Carol A. Corrado & Charles R. Hulten, 2013. "Innovation Accounting," NBER Chapters, in: Measuring Economic Sustainability and Progress National Bureau of Economic Research, Inc.
  5. Corrado, Carol & Haskel, Jonathan & Jona-Lasinio, Cecilia, 2014. "Knowledge Spillovers, ICT and Productivity Growth," IZA Discussion Papers 8274, Institute for the Study of Labor (IZA).

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