dc.contributor.author | MASKUS, Keith E. | |
dc.contributor.author | MILANI, Sahar | |
dc.contributor.author | NEUMANN, Rebecca | |
dc.date.accessioned | 2018-07-02T14:14:59Z | |
dc.date.available | 2018-07-02T14:14:59Z | |
dc.date.issued | 2018 | |
dc.identifier.issn | 1028-3625 | |
dc.identifier.uri | https://hdl.handle.net/1814/56264 | |
dc.description.abstract | Stronger 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.mimetype | application/pdf | en |
dc.language.iso | en | en |
dc.relation.ispartofseries | EUI RSCAS | en |
dc.relation.ispartofseries | 2018/37 | en |
dc.relation.ispartofseries | Global Governance Programme-312 | en |
dc.relation.ispartofseries | [Global Economics] | en |
dc.rights | info:eu-repo/semantics/openAccess | en |
dc.subject | R&D | en |
dc.subject | Financial development | en |
dc.subject | Patent protection | en |
dc.subject | F36 | en |
dc.subject | G10 | en |
dc.subject | G15 | en |
dc.subject | O16 | en |
dc.subject | O30 | en |
dc.subject | P14 | en |
dc.subject.other | Economic development | |
dc.subject.other | Regulation and economic policy | |
dc.title | The impact of patent protection and financial development on industrial R&D | en |
dc.type | Working Paper | en |