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Economic Growth and Intangible Capitals: An International Panel Data Model Applied in the 21st Century

Author

Listed:
  • Víctor Raúl López Ruiz

    (Department of Applied Economy - Econometrics (University of Castilla La Mancha – UCLM),)

  • José Luis Alfaro Navarro

    (Faculty of Economic and Business Sciences (UCLM))

  • Domingo Nevado Peña

    (Department of Financial Economics and Accounting (UCLM))

Abstract

A country’s wealth is not only due to GDP. We must also consider intellectual capital as a generator of future value. In this paper we propose a model to measure and value this capital and its components in order to complement GDP. We developed an empirical application that analyses the importance of each intangible capital according to the level of GDP per capita attained to 72 countries. As a result, economic growth in developing countries displays a stronger relationship with intellectual capital. Within intellectual capital, the human factors and more specifically people’s qualifications, has the greatest effect on economic growth. As regards the structural factors, social and environmental capital is the most significant in developing countries, while research, development and innovation capital is in developed nations.

Suggested Citation

  • Víctor Raúl López Ruiz & José Luis Alfaro Navarro & Domingo Nevado Peña, 2016. "Economic Growth and Intangible Capitals: An International Panel Data Model Applied in the 21st Century," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 102-113, June.
    • Handle: RePEc:rjr:romjef:v::y:2016:i:2:p:102-113
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    References listed on IDEAS

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    Cited by:

    1. Cristina LINCARU & Speranţa PÎRCIOG, 2017. "Decomposing Productivity Changes – Romania’s Counties Case," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 166-184, September.

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    More about this item

    Keywords

    economic growth; intellectual capital; indicators; developed and developing countries; wealth;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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