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Measuring intangible capital and its contribution to economic growth in Europe

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Author Info

  • van Ark, Bart

    ()
    (The Conference Board)

  • Hao, Janet X.

    (The Conference Board)

  • Corrado, Carol

    (The Conference Board)

  • Hulten, Charles

    (The Conference Board)

Abstract

This study describes the state of the art in the measurement of intangible capital and its contribution to economic growth, with a focus on an international comparison of intangible capital deepening among eleven advanced economies. By employing a broad measure of intangibles, including computerized information, innovative property and economic competencies, we find a relatively large impact on growth. Intangible capital explains about a quarter of labour-productivity in the US and larger countries of the EU. The continental West-European countries show a distinction between countries with significant contributions from intangible capital deepening and a group of laggards. Catching-up countries such as the Czech Republic, Greece and Slovakia show much larger contributions from tangible capital deepening than from intangibles, and also larger multi-factor productivity (MFP) growth rates related to the restructuring of those countries.

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Bibliographic Info

Paper provided by European Investment Bank, Economics Department in its series EIB Papers with number 3/2009.

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Length: 31 pages
Date of creation: 23 Dec 2009
Date of revision:
Handle: RePEc:ris:eibpap:2009_003

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Keywords: Economic growth; productivity; capital; innovation;

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References

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Citations

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Cited by:
  1. Roth,Felix & Thum, Anna-Elisabeth, 2010. "Does intangible capital affect economic growth?," CEPS Papers 3667, Centre for European Policy Studies.
  2. Maciej Sobolewski & Grzegorz Poniatowski, 2013. "What Affects the Main Engine of Growth in the European Economy? Industrial Interconnectedness and Differences in Performance of Business Services Across the EU25," CASE Network Studies and Analyses 0455, CASE-Center for Social and Economic Research.
  3. Barajas, A. & Huergo, E. & Moreno, L., 2012. "The Impact of International Research Joint Ventures on SMEs Performance," MPRA Paper 36306, University Library of Munich, Germany.
  4. repec:cge:warwcg:87 is not listed on IDEAS
  5. Marcel P. Timmer & Robert Inklaar & Mary O'Mahony & Bart van Ark, 2011. "Productivity and Economic Growth in Europe: A Comparative Industry Perspective," International Productivity Monitor, Centre for the Study of Living Standards, vol. 21, pages 3-23, Spring.
  6. Uppenberg, Kristian, 2010. "The knowledge economy in Europe," EIB Economic Surveys, European Investment Bank, number 1.
  7. Crafts, Nicolas & Magnani, Marco, 2011. "The Golden Age and the Second Globalization in Italy," CAGE Online Working Paper Series 61, Competitive Advantage in the Global Economy (CAGE).
  8. Bridgman, Benjamin, 2014. "Do intangible assets explain high U.S. foreign direct investment returns?," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 159-171.
  9. Gros, Daniel & Roth, Felix, 2012. "The Europe 2020 Strategy: Can it maintain the EU’s competitiveness in the world?," CEPS Papers 7260, Centre for European Policy Studies.
  10. Florian Berger, 2012. "Measuring the Knowledge Economy – Intangible Spending and Investment in Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 232(1), pages 12-30, January.
  11. Asplund, Rita & Napari, Sami, 2011. "Intangible capital and wages: An analysis of wage gaps across occupations and genders in Czech Republic, Finland and Norway," Discussion Papers 1248, The Research Institute of the Finnish Economy.
  12. repec:cge:warwcg:60 is not listed on IDEAS
  13. repec:cge:warwcg:70 is not listed on IDEAS
  14. Rammer, Christian & Köhler, Christian, 2012. "Innovationen, Anlageinvestitionen und immaterielle Investitionen," ZEW Discussion Papers 12-085, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  15. Szalavetz, Andrea, 2012. "Az immateriális beruházások és a nem közvetlenül a termelésben foglalkoztatottak szerepe a gazdasági felzárkózásban
    [The role intangible investments and non-production workers play in ec
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1187-1206.

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