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dc.contributor.authorMASKUS, Keith E.
dc.contributor.authorMILANI, Sahar
dc.contributor.authorNEUMANN, Rebecca
dc.date.accessioned2018-07-02T14:14:59Z
dc.date.available2018-07-02T14:14:59Z
dc.date.issued2018
dc.identifier.issn1028-3625
dc.identifier.urihttp://hdl.handle.net/1814/56264
dc.description.abstractStronger protection of patent rights is thought to spur innovation through securing returns to R&D investments. Those investments must be financed, however, suggesting that the responsiveness of R&D to patent reforms varies with financial development levels. We examine the joint impact of domestic and international financial-market development and patent protection on R&D intensities in 22 manufacturing industries in 20 OECD countries for the period 1990-2009. We show that stronger patent rights increase R&D intensities in patent-intensive industries, accounting for the need for external financing and the amount of tangible assets. The primary impact varies across types of financial development: patent protection raises R&D in high-patent industries where countries have more limited equity and credit markets. In contrast, in countries with more developed bond markets industry R&D is more sensitive to patent rights. Interestingly, patent rights in countries that are more exposed to foreign direct investment increase R&D intensities at all levels of financial development.en
dc.format.mimetypeapplication/pdfen
dc.language.isoenen
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2018/37en
dc.relation.ispartofseriesGlobal Governance Programme-312en
dc.relation.ispartofseries[Global Economics]en
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.subjectR&Den
dc.subjectFinancial developmenten
dc.subjectPatent protectionen
dc.subjectF36en
dc.subjectG10en
dc.subjectG15en
dc.subjectO16en
dc.subjectO30en
dc.subjectP14en
dc.subject.otherEconomic development
dc.subject.otherRegulation and economic policy
dc.titleThe impact of patent protection and financial development on industrial R&Den
dc.typeWorking Paperen


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