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Treating Intangible Inputs as Investment Goods: the Impact on Canadian GDP

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  • Nazim Belhocine

Abstract

This paper constructs a data set to document firms' expenditures on an identifiable list of intangible items and examines the implications of treating intangible spending as an acquisition of final (investment) goods on GDP growth for Canada. It finds that investment in intangible capital by 2002 is almost as large as the investment in physical capital. This result is in line with similar findings for the U.S. and the U.K. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/240.

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Length: 21
Date of creation: 01 Nov 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/240

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Keywords: Capital transactions; Data collection; Economic growth; Gross domestic product; Labor productivity; National income accounts;

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References

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  1. Carol Corrado & Charles Hulten & Daniel Sichel, 2004. "Measuring capital and technology: an expanded framework," Finance and Economics Discussion Series 2004-65, Board of Governors of the Federal Reserve System (U.S.).
  2. Carlos J. Serrano, 2008. "The Dynamics of the Transfer and Renewal of Patents," NBER Working Papers 13938, National Bureau of Economic Research, Inc.
  3. FUKAO Kyoji & HAMAGATA Sumio & MIYAGAWA Tsutomu & TONOGI Konomi, 2007. "Intangible Investment in Japan: Measurement and Contribution to Economic Growth," Discussion papers 07034, Research Institute of Economy, Trade and Industry (RIETI).
  4. Nazim Belhocine, 2010. "The Embodiment of Intangible Investment Goods: a Q-Theory Approach," IMF Working Papers 10/86, International Monetary Fund.
  5. Baldwin, John R. Beckstead, Desmond Gellatly, Guy, 2005. "Canada's Investments in Science and Innovation: Is the Existing Concept of Research and Development Sufficient?," Economic Analysis (EA) Research Paper Series 2005032e, Statistics Canada, Analytical Studies Branch.
  6. Giorgio Marrano, Mauro & Haskel, Jonathan, 2007. "How Much Does the UK Invest in Intangible Assets?," CEPR Discussion Papers 6287, C.E.P.R. Discussion Papers.
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Citations

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Cited by:
  1. Nazim Belhocine, 2010. "The Embodiment of Intangible Investment Goods: a Q-Theory Approach," IMF Working Papers 10/86, International Monetary Fund.
  2. Stefano Giglio & Tiago Severo, 2011. "Intangible Capital, Relative Asset Shortages and Bubbles," IMF Working Papers 11/271, International Monetary Fund.
  3. Dutz, Mark A. & Kannebley, Sergio Jr. & Scarpelli, Maira & Sharma, Siddharth, 2012. "Measuring intangible assets in an emerging market economy: an application to Brazil," Policy Research Working Paper Series 6142, The World Bank.
  4. Nazim Belhocine, 2009. "The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities," IMF Working Papers 09/250, International Monetary Fund.
  5. MORIKAWA Masayuki, 2012. "Financial Constraints in Intangible Investments: Evidence from Japanese firms," Discussion papers 12045, Research Institute of Economy, Trade and Industry (RIETI).
  6. Gupta, Abhishek, 2009. "A Study of Metrics and Measures to Measure Innovation at Firm Level & at National Level," Economics Papers from University Paris Dauphine 123456789/5002, Paris Dauphine University.

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