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Impact of Intellectual Property Rights on Macroeconomic Growth : A Panel Data Study in Korea

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  • Hyojeong Lim

    (Korea Institute of Intellectual Property)

Abstract

Based on the assumption that intellectual property rights are a driver of economic development, this paper aims to estimate the production elasticity of intellectual property stocks in Korea. The unbalanced panel data during 2005-2012 is constructed with 29 manufacturing and service industries and applied to a Cobb-Douglas production function. Empirical results confirm that the stock of patents, the stock of trademarks, and the stock of design rights significantly contribute to Korean economic growth in the 2000s, respectively. Whereas the production elasticity of intellectual property stocks differs in the characteristics of patents, trademarks and design rights, the results show that increases in trademark stocks are the most influential factor in economic growth.

Suggested Citation

  • Hyojeong Lim, 2015. "Impact of Intellectual Property Rights on Macroeconomic Growth : A Panel Data Study in Korea," Proceedings of International Academic Conferences 2503617, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:2503617
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    References listed on IDEAS

    as
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    6. William E. Griffiths & Paul H. Jensen & Elizabeth Webster, 2005. "The Effects on Firm Profits of the Stock of Intellectual Property Rights," Melbourne Institute Working Paper Series wp2005n04, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
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    More about this item

    Keywords

    Production Elasticity; Intellectual Property Stock; Cobb-Douglas Production Function; Panel Data;
    All these keywords.

    JEL classification:

    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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