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Capturing value in GVCs through intangible assets: The role of the trade-investment-intellectual property nexus

机译:通过无形资产捕获GVC中的价值:贸易投资 - 智能财产的作用Nexus

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摘要

Intangible capital, a broad category of knowledge-based assets lacking physical embodiment, is a key determinant of value capture in global value chains (GVCs). In this paper, we study how policies that govern the trade-investment-intellectual property nexus help countries to increase returns to intangible assets. Using inter-country input-output tables combined with data on factor income, we estimate returns to measured intangible capital (i.e., intangible assets reported in national accounts) and 'unmeasured' intangible capital (captured as a residual) in GVCs for a large number of countries and industries over the period 2005-2015. We use these data in an econometric analysis to examine policy determinants, focusing on the package of disciplines on trade, investment, and intellectual property that are increasingly used by countries in their trade agreements. We find that trade and investment openness, intellectual property protection, and competition enforcement are positively associated with returns to intangible assets measured in national accounts. The relationship with unmeasured intangible capital is more complex regarding intellectual property protection and competition enforcement. Our discussion highlights the importance of striking a balance between the different elements of the nexus in order to maximize a country's potential to benefit from the growing role of intangibles in GVCs.
机译:无形资本是缺乏物理体现的基于知识的资产的广泛类别,是全球价值链(GVC)价值捕获的关键决定因素。在本文中,我们研究了管理贸易投资 - 智能财产Nexus的政策如何帮助各国增加对无形资产的回报。使用国际投入输出表与要素收入的数据结合在一起,我们将回报估计为可测量的无形资本(即,在国民帐户中报告的无形资产)和“无数”无形资金(被捕获为剩余的),可用于大量数量2005 - 2015年期间的国家和行业。我们在计量经济学分析中使用这些数据来检查政策决定因素,重点关注国家在其贸易协定中越来越多地使用的有关贸易,投资和知识产权的学科。我们发现,贸易和投资开放性,知识产权保护和竞争执法与国民帐户中无形资产的回报呈正相关。在知识产权保护和竞争执法方面,与未衡量的无形资本的关系更为复杂。我们的讨论强调了在Nexus的不同要素之间取得平衡的重要性,以最大程度地利用一个国家从无形资产中不断增长的GVC中受益的潜力。

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