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Measuring intangible capital and its contribution to economic growth in Europe

  • van Ark, Bart

    ()

    (The Conference Board)

  • Hao, Janet X.

    (The Conference Board)

  • Corrado, Carol

    (The Conference Board)

  • Hulten, Charles

    (The Conference Board)

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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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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