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Tangible and Intangible Capital and the Pattern of Specialisation in the EU

Author

Listed:
  • Ioannis Bournakis

    (Middlesex University, United Kingdom)

  • Michela Vecchi

Abstract

This paper investigates the determinants of specialisation in 7 European countries and 4 major industrial sectors in the last 20 years. Next to the impact of traditional factors such as productivity and the endowment of labour and capital, we look at the importance of accounting for capital heterogeneity, by distinguishing between ICT and non-ICT assets, and for intangible capital such as skills and R&D. Our results show that intangible capital and innovation play an important part in increasing the value added shares of the Manufacturing sector while increasing investments in ICT have driven resources away from Manufacturing and towards the Service industry.

Suggested Citation

  • Ioannis Bournakis & Michela Vecchi, 2010. "Tangible and Intangible Capital and the Pattern of Specialisation in the EU," Review of Economics and Institutions, Università di Perugia, vol. 1(2).
  • Handle: RePEc:pia:review:v:1:y:2010:i:2:n:3
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    Cited by:

    1. Ioannis Bournakis & Michela Vecchi & Francesco Venturini, 2011. "Offshoring and Specialisation: Are Industries Moving Abroad?," Quaderni del Dipartimento di Economia, Finanza e Statistica 98/2011, Università di Perugia, Dipartimento Economia.

    More about this item

    Keywords

    specialisation; value added shares; factor accumulation; TFP; ICT capital; R&D; skills;

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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