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The ‘Knowledge Economy’-finance nexus: how do IPRs matter in SSA and MENA countries?

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  • Simplice A, Asongu

Abstract

This paper assesses the relevance of intellectual property rights (IPRs) in the knowledge economy (KE)-finance nexus using the four variables identified under the World Bank’s knowledge economy index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size. Three main findings are established: (1) education increases financial dynamics of depth and size; (2) economic incentives by means of credit facilities (trade openness) mitigate financial dynamics of efficiency and activity (financial dynamics of depth and size) and; (3) ICT and FDI both improve financial depth and decrease financial size (with FDI having an additional edge of improving financial activity). As a policy implication, the enforcement of IPRs is not a general and sufficient condition for positive KE-finance nexuses. Hence, blanket upholding of IPRs to achieve such positive linkages may not be successful unless policy is contingent on the prevailing ‘KE specific component’ trends and dynamics of financial development.

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  • Simplice A, Asongu, 2013. "The ‘Knowledge Economy’-finance nexus: how do IPRs matter in SSA and MENA countries?," MPRA Paper 43541, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:43541
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    References listed on IDEAS

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    1. Simplice A. Asongu, 2013. "How has Mobile Phone Penetration Stimulated Financial Development in Africa?," Journal of African Business, Taylor & Francis Journals, vol. 14(1), pages 7-18, April.
    2. Simplice Asongu, 2014. "Are proposed African monetary unions optimal currency areas? Real, monetary and fiscal policy convergence analysis," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 5(1), pages 9-29, April.
    3. Simplice Asongu, 2013. "Harmonizing IPRs on Software Piracy: Empirics of Trajectories in Africa," Journal of Business Ethics, Springer, vol. 118(1), pages 45-60, November.
    4. Asongu Simplice, 2012. "Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis," Working Papers of the African Governance and Development Institute. 12/005, African Governance and Development Institute..
    5. Simplice A. Asongu, 2014. "African financial development dynamics: big time convergence," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 5(2), pages 160-194, July.
    6. Asongu Simplice, 2011. "Government Quality Determinants of Stock Market Performance in African Countries," Working Papers of the African Governance and Development Institute. 11/019, African Governance and Development Institute..
    7. Simplice A Asongu, 2012. "On the effect of foreign aid on corruption," Economics Bulletin, AccessEcon, vol. 32(3), pages 2174-2180.
    8. Simplice Anutechia Asongu & Antonio Andrés, 2014. "Global trajectories, dynamics, and tendencies of business software piracy: benchmarking IPRs harmonization," AAYE Policy Research Working Paper Series 14_023, Association of African Young Economists, revised Nov 2014.
    9. Simplice Asongu, 2015. "Financial Sector Competition and Knowledge Economy: Evidence from SSA and MENA Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(4), pages 717-748, December.
    10. Antonio Andrés & Simplice Asongu, 2013. "Fighting Software Piracy: Which Governance Tools Matter in Africa?," Journal of Business Ethics, Springer, vol. 118(3), pages 667-682, December.
    11. Asongu Simplice, 2012. "How has Mobile Banking Stimulated Financial Development in Africa?," Working Papers of the African Governance and Development Institute. 12/027, African Governance and Development Institute..
    12. Simplice A. Asongu, 2013. "Real and monetary policy convergence: EMU crisis to the CFA zone," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 5(1), pages 20-38, April.
    13. Abdul Kamara & Lobna Bousrih & Magidu Nyende, 2007. "Working Paper 88 - Growing a Knowledge - Based Economy: Evidence from Public Expenditure on Education in Africa," Working Paper Series 223, African Development Bank.
    14. Simplice Asongu, 2015. "Fighting Software Piracy in Africa: How Do Legal Origins and IPRs Protection Channels Matter?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(4), pages 682-703, December.
    15. World Bank, 2007. "Building Knowledge Economies : Advanced Strategies for Development," World Bank Publications - Books, The World Bank Group, number 6853.
    16. Henry Kaiser, 1974. "An index of factorial simplicity," Psychometrika, Springer;The Psychometric Society, vol. 39(1), pages 31-36, March.
    17. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February.
    18. Mr. Magnus Saxegaard, 2006. "Excess Liquidity and Effectiveness of Monetary Policy: Evidence from Sub-Saharan Africa," IMF Working Papers 2006/115, International Monetary Fund.
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    Cited by:

    1. Simplice A. Asongu, 2017. "Boosting Scientific Publications in Africa: Which IPRs Protection Channels Matter?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 197-210, March.
    2. Simplice A. Asongu, 2014. "Software Piracy and Scientific Publications: Knowledge Economy Evidence from Africa," African Development Review, African Development Bank, vol. 26(4), pages 572-583, December.
    3. Amavilah, Voxi & Asongu, Simplice A & Andrés, Antonio R, 2014. "Globalization, Peace & Stability, Governance, and Knowledge Economy," MPRA Paper 58756, University Library of Munich, Germany.
    4. Simplice A Asongu, 2013. "On the Obituary of Scientific Knowledge Monopoly," Economics Bulletin, AccessEcon, vol. 33(4), pages 2718-2731.
    5. Simplice A. Asongu, 2014. "Knowledge Economy and Financial Sector Competition in African Countries," African Development Review, African Development Bank, vol. 26(2), pages 333-346, June.
    6. Simplice A Asongu, 2013. "Modeling the future of knowledge economy: evidence from SSA and MENA countries," Economics Bulletin, AccessEcon, vol. 33(1), pages 612-624.
    7. Simplice A. Asongu & Oasis Kodila-Tedika, 2018. "Determinants of Property Rights Protection in Sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(4), pages 1291-1308, December.
    8. Oasis Kodila-Tedika & Simplice Asongu, 2015. "The Effect of Intelligence on Financial Development: A Cross-Country Comparison," Working Papers of the African Governance and Development Institute. 15/002, African Governance and Development Institute..
    9. Simplice Asongu & Jacinta C Nwachukwu, 2015. "The incremental effect of education on corruption: evidence of synergy from lifelong learning," Economics Bulletin, AccessEcon, vol. 35(4), pages 2288-2308.
    10. Simplice A. Asongu, 2017. "Knowledge Economy Gaps, Policy Syndromes, and Catch-Up Strategies: Fresh South Korean Lessons to Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 211-253, March.
    11. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "A Brief Future of Time in the Monopoly of Scientific Knowledge," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(4), pages 638-671, December.
    12. Amavilah, Voxi & Asongu, Simplice A. & Andrés, Antonio R., 2017. "Effects of globalization on peace and stability: Implications for governance and the knowledge economy of African countries," Technological Forecasting and Social Change, Elsevier, vol. 122(C), pages 91-103.
    13. Samba Diop & Simplice A. Asongu, 2023. "Research Productivity: Trend and Comparative Analyses by Regions and Continents," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1503-1521, June.
    14. Christian Lambert NGUENA & Roger TSAFACK NANFOSSO, 2014. "Macroeconomic Factors and Dynamics of Financial Deepening: An empirical Investigation applied to the CEMAC Sub-region," Research Africa Network Working Papers 14/015, Research Africa Network (RAN).
    15. Simplice A. Asongu, 2017. "The Comparative Economics of Knowledge Economy in Africa: Policy Benchmarks, Syndromes, and Implications," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(2), pages 596-637, June.
    16. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "The role of lifelong learning on political stability and non violence: evidence from Africa," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 43(1), pages 141-164, January.
    17. Asongu, Simplice A, 2013. "Finance and growth: New evidence from Meta-analysis," MPRA Paper 52210, University Library of Munich, Germany.
    18. Simplice A. Asongu & Vanessa S. Tchamyou, 2019. "Foreign Aid, Education and Lifelong Learning in Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 126-146, March.
    19. Simplice A, Asongu, 2011. "Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis," MPRA Paper 32559, University Library of Munich, Germany, revised 07 Feb 2013.

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    More about this item

    Keywords

    Financial development; Knowledge economy; Intellectual property rights;
    All these keywords.

    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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