SlideShare a Scribd company logo
[ 1 ]
Intangibles: medición y contribución al crecimiento
Experiencia internacional
Matilde Mas
Universidad de Valencia e Ivie
Seminario de Inauguración LA-KLEMS
Crecimiento, empleo, capital y la heterogeneidad
sectorial en América Latina
Washington DC, Diciembre 12-13, 2016
[ 2 ]
Motivation
Robert Solow (1987) statement about computers can be rephrased as: “While
knowledge economy is all around us, it is still hard to see it in the official statistics”.
Since Solow’s remark, important efforts have been made to capture the knowledge
economy in the (official) statistics.
Milestones:
 The new way of Measuring Capital, and thus Productivity, taking into account
the distinction among types of assets (OECD Manuals 2001a, 2001b, 2009)
 Relevant projects: EU/LA/WORLD KLEMS; Productivity Database (OECD)
 The distinction between ICT and non-ICT assets and of ICT producing sectors
 The recognition by SNA 1995 of Software, Databases and a few more
intangibles assets in National Accounts, and of SNA 2010 including R&D.
 Corrado, Hulten & Sichel’s (2005, 2009) proposal to expand NA boundaries to
include a selected group of intangible assets
 Relevant projects: COINVEST (7th FP), INNODRIVE (7th FP), INTAN-Invest,
SPINTAN (7th FP) and KBC (OECD)
[ 3 ]
Intangibles: Corrado, Hulten & Sichel’s proposal
They cut through the conceptual problem of defining intangible assets
by referring to a standard inter-temporal framework that leads to the
conclusion that “any use of resources that reduces current
consumption in order to increase it in the future […] qualifies as
investment”.
Then, all types of capital should be treated symmetrically, for
example, “investment in knowledge capital should be placed on the
same footing as that of investment in plants and equipment”.
A convenient consequence of the CHS approach and their emphasis
on the symmetric treatment of all assets is that one does not have to
worry too much about defining “intangibles” by way of specific
characteristics. It is more important to reason in terms of capital goods
and to check whether spending activity meets the test of being an
outlay now to enhance future consumption.
[ 4 ]
Classification of Intangible assets
Intangible capital asset types
Computerized information
1. Software
2. Databases
Innovative property
3. Mineral exploration
4. R&D (scientific)
5. Entertainment and artistic originals
6. New products/systems in financial services
7. Design and other new products/systems
Economic competencies
8. Brand equity
a. Advertising
b. Market research
9. Firm-specific resources
a. Employer-provided training
b. Organizational structure
[ 5 ]
The major challenges in capitalizing intangibles
 Intangibles are largely invisible and hard to count:
• Companies often do not have exact metrics to separate
expenditure on intangibles assets from other expenses.
 Intangible investments are often produced within the company and
therefore do not represent a market transaction:
• However, an increasingly large share of intangibles are traded
through markets which allow to impute prices for within-company
production and transactions.
 Intangibles are often not a direct or continuous input to current
production:
• Greater emphasis on product innovations represents shift away
from Solow to Schumpeterian approach to growth.
 Intangibles are largely non-rival and their benefits often not
appropiable:
• While violating marginalist principles at micro-level, the
principles are close enough to the reality of market economy.
[ 6 ]
Consequences
The main consequences of including (some) intangibles as
investment, instead of following the NA practice of treating
them as intermediate consumption goods, are:
1. Gross Value Added (GVA) will increase by the same
amount that the (new) intangible investment.
2. Thus, the level of labour productivity will also increase.
3. The real rate of growth of GVA when intangibles are
included can either increase, decrease, or keep (more or
less) constant with respect to the GVA conventionally
measured.
4. Growth accounting results are modified. The inclusion of
intangibles assets in investment reduces the contribution of
TFP growth.
[ 7 ]
MARKET SECTOR INTANGIBLES DATABASE. THE
INTAN-Invest INITIATIVE
INTAN-Invest (Cross country intangible investment data
www.intan-invest.net)
• Unfunded project
• Project coordinators: Carol Corrado (TCB, US); Jonathan
Haskel (IC, UK); Cecilia Jona-Lasinio (LUISS, Italy);
Maximiliano Iommi (ISTAT, Italy)
• Countries: EU-27 + Norway + USA
• Period: 1995-2010 (so far)
• Private sector of the economy. 9 industry disaggregation
• Objective: Getting an harmonized intangibles database for EU-
27 plus Norway & US
• Making use of the information gathered by INNODRIVE &
COINVEST
[ 8 ]
Investment in Intangibles: Market Economy
(Intan-Invest and Telefónica Foundation)
Composition of the investment in intangible assets, 2010
Percentage of extended private GVA
* Sweden, Finland and Denmark.
Source: EU KLEMS, INE, INTAN-Invest and author’s own calculations.
1,503 1,789
3,112
2,291 2,614
1,150 ,990
2,557
2,250
3,555
5,202
5,717 4,562
4,293
2,391
3,350
3,452
5,124
4,887
7,272
6,294
4,484
3,524
6,873
0
2
4
6
8
10
12
14
16
18
Spain EU-15 Nordic
countries*
US France Germany Italy UK
Computerized information Innovative property Economic competencies
[ 9 ]
9
• The SPINTAN Project is funded by the 7º Framework Program of
the EU.
• It started November 2013 and it has just finished (November 2016)
• It has counted with the participation of 12 institutions from Spain
(Ivie, Project coordinator), Italy (LUISS and ISTAT), UK (NIESR and
Imperial College), Germany (ZEW and DIW), Austria (wiiw), Hungary
(Kopint-Tarki), Sweden (FORES), TCBE (Brussels) and the OECD.
• The overall research purpose of the project has been
• to identify and measure public sector intangible capital,
• to evaluate its role as a driver of firm-industry-country economic
growth and
• to provide new insights to the innovation policy agenda about
the key role of public sector knowledge creation.
Smart public intangibles. SPINTAN project
[ 10 ]
10
At the most practical level, its goal is to complete the
coverage of the sources of growth information already existing
for the market economy [EU KLEMS (FP 6th), COINVEST (FP
7th), INDICSER (FP 7th), INNODRIVE (FP 7th) and INTAN-
Invest] including the Non-Market Sector, making possible the
generation of total economy growth accounts with
intangibles as productive assets.
(www.spintan.net)
Smart public intangibles. SPINTAN project
[ 11 ]
11
EU KLEMS (2003-2008 project funded by 6th-7th Framework Programme of the EC)
EU KLEMS, INTAN-Invest, SPINTAN. A common framework
12 sub-industries
3 sub-industries
3 sub-industries
3 sub-industries
ICT assets
Non-ICT
assets
Hours
worked
Labour
compositio
n
MARKET ECONOMY
AGRICULTURE, FORESTRY AND FISHING A     
MINING AND QUARRYING B     
TOTAL MANUFACTURING C     .
.
.
.
.
.
ELECTRICITY, GAS AND WATER SUPPLY D-E     
CONSTRUCTION F     
WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES
AND MOTORCYCLES
G     
.
.
.
.
.
.
TRANSPORTATION, STORAGE and ACCOMMODATION AND FOOD
SERVICE ACTIVITIES
H-I     
.
.
.
.
.
.
INFORMATION AND COMMUNICATION J     .
.
.
.
.
.
FINANCIAL AND INSURANCE ACTIVITIES K     
PROFESSIONAL, SCIENTIFIC, TECHNICAL, ADMINISTRATIVE AND
SUPPORT SERVICE ACTIVITIES
M-N     
ARTS, ENTERTAINMENT, RECREATION AND OTHER SERVICE
ACTIVITIES
R-S     
NON-MARKET SERVICES
PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY SOCIAL
SECURITY
O     
EDUCATION P     
HEALTH AND SOCIAL WORK Q     
REAL ESTATE ACTIVITIES L     
Industry description NACE Rev 2
Factors of production
Capital Labour
TFP
[ 12 ]
12
EU KLEMS + INTAN-Invest
INTAN-Invest
(2011-2014)
Capital
ICT assets
Non-ICT
assets
Hours
worked
Labour
composition
Intangible assets,
market sector
MARKET ECONOMY (industry approach)
AGRICULTURE, FORESTRY AND FISHING A      
MINING AND QUARRYING B      
TOTAL MANUFACTURING C      
ELECTRICITY, GAS AND WATER SUPPLY D-E      
CONSTRUCTION F      
WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND
MOTORCYCLES G      
FINANCIAL AND INSURANCE ACTIVITIES K      
OTHER SERVICES H-J, M-N, R-S      
NON-MARKET SERVICES (industry approach)
PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY SOCIAL SECURITY O      
EDUCATION P      
HEALTH AND SOCIAL WORK Q      
REAL ESTATE ACTIVITIES L      
TFP
Factors of production
Industry description NACE Rev 2
EU KLEMS (2003-2008, 6th-7th
Framework Programme)
Capital Labour
EU KLEMS, INTAN-Invest, SPINTAN. A common framework
[ 13 ]
13
EU KLEMS + INTAN-Invest + SPINTAN
INTAN-Invest
(2011-2014)
SPINTAN (2013-
2016, 7th FP)
Capital Capital
ICT
assets
Non-ICT
assets
Hours
worked
Labour
compositi
on
Intangible assets,
market sector
(industry approach)
Intangible assets, non-
market sector
(institutional approach)
MARKET ECONOMY (industry approach)
AGRICULTURE, FORESTRY AND FISHING A       
MINING AND QUARRYING B       
TOTAL MANUFACTURING C       
ELECTRICITY, GAS AND WATER SUPPLY D-E       
CONSTRUCTION F       
WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR
VEHICLES AND MOTORCYCLES G       
FINANCIAL AND INSURANCE ACTIVITIES K       
OTHER SERVICES H-J, M-N, R-S     
 (only M72 and
R92-92 non-market
institutional sector)

NON-MARKET SERVICES (industry approach)
PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY
SOCIAL SECURITY
O       
EDUCATION P     
 (only P non-
market institutional
sector)

HEALTH AND SOCIAL WORK Q     
 (only Q non-
market institutional
sector)

REAL ESTATE ACTIVITIES L       
Industry description NACE Rev 2
Factors of production
EU KLEMS (2003-2008, 6th-7th
Framework Programme)
TFP
Capital Labour
EU KLEMS, INTAN-Invest, SPINTAN. A common framework
[ 16 ]
US outperforms the EU in market and non- market intangible
investment . Heterogeneity within EU-15. Sweden and UK in
top positions. The four peripheral countries at the tail end.
Figure 3: Share of GFCF on intangible assets over total GDP. EU15 and US. Average
2006-2010 (percentages)
Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration.
a) Market sector b) Non-market sector
10,8
8,48,3
7,57,47,37,16,96,8
6,36,36,26,16,0
5,2
4,54,54,3
2,1
0
2
4
6
8
10
12
UnitedStates
Sweden
UnitedKingdom
Belgium
Denmark
France
Finland
Slovenia
Netherlands
EU15
CzechRepublic
Germany
Austria
Luxembourg
Ireland
Spain
Portugal
Italy
Greece
EU15 average = 6.3%
2,5
1,6
1,3
1,11,1
0,90,90,90,90,90,80,80,70,70,7
0,6
0,4
0,20,2
0,0
0,5
1,0
1,5
2,0
2,5
3,0
UnitedStates
Sweden
UnitedKingdom
Italy
Netherlands
Austria
Portugal
Finland
EU15
Belgium
CzechRepublic
Germany
Ireland
France
Denmark
Slovenia
Spain
Greece
Luxembourg
EU15 average = 0.9%
[ 17 ]
In R&D the gap with US is larger in the non-market sector
Figure 5: Share of GFCF on R&D over total GDP. EU15 and US. Average 2006-2010
(percentages)
Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration.
a) Market sector b) Non-market sector
2,2 2,1
2,0
1,6 1,6
1,4
1,1 1,1 1,1 1,1 1,0
0,8
0,8 0,7
0,6 0,6 0,5 0,5
0,1
0,0
0,5
1,0
1,5
2,0
2,5
Sweden
Finland
UnitedStates
Germany
Austria
Denmark
France
Luxembourg
Belgium
EU15
Slovenia
UnitedKingdom
CzechRepublic
Netherlands
Ireland
Spain
Italy
Portugal
Greece
EU15 average = 1.06%
0,9
0,8
0,6
0,5
0,5
0,4 0,4 0,4
0,3 0,3 0,3
0,2
0,2 0,2 0,2
0,1
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1,0
UnitedStates
Sweden
Austria
Portugal
Italy
CzechRepublic
Denmark
Finland
Germany
EU15
Belgium
Netherlands
UnitedKingdom
France
Spain
Slovenia
EU15 average = 0.29%
[ 18 ]
UK leads the ranking in organizational capital investment over GDP in
the market sector, while US tops the non-market sector.
Figure 6: Share of GFCF on organisational capital over total GDP. EU-15 and US.
Average 2006-2010 (percentages)
Source: Eurostat, Intan-INVEST, SPINTAN and own elaboration.
a) Market sector b) Non-market sector
2,9
2,42,3
2,1
1,9
1,8
1,61,6
1,51,51,41,41,31,3
1,01,00,9
0,7
0,0
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
UnitedKingdom
UnitedStates
Belgium
Netherlands
France
Sweden
Slovenia
EU15
Austria
Portugal
Finland
Ireland
CzechRepublic
Germany
Luxembourg
Italy
Denmark
Spain
Greece
EU15 average = 1.6%
0,4
0,3
0,2
0,2
0,10,1
0,10,10,10,10,10,10,10,10,10,1
0,0
0,00,0
0,0
0,1
0,1
0,2
0,2
0,3
0,3
0,4
0,4
0,5
UnitedStates
Belgium
Italy
Netherlands
France
Sweden
Greece
EU15
Ireland
Finland
Austria
UnitedKingdom
Denmark
Portugal
Slovenia
CzechRepublic
Germany
Spain
Luxembourg
EU15 average = 0.1%
[ 19 ]
Denmark (followed by US) is the leader in investment in training in the
market sector and UK in the non-market sector. US is above the EU-15
average.
Figure 7: Share of GFCF on training over total GDP. EU-15 and US. Average 2006-
2010 (percentages)
Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration.
0,8
0,5
0,4
0,3
0,3
0,20,20,2
0,10,10,10,10,10,10,10,10,00,00,0
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
UnitedKingdom
Ireland
UnitedStates
Germany
EU15
CzechRepublic
Belgium
Finland
Sweden
Netherlands
Slovenia
Italy
France
Portugal
Greece
Luxembourg
Austria
Denmark
Spain
EU15 average = 0.3%
a) Market sector b) Non-market sector
1,3
1,1
1,0
0,90,9
0,80,8
0,80,80,7
0,7
0,60,50,50,50,5
0,40,4
0,0
0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
Denmark
UnitedStates
UnitedKingdom
France
Germany
Netherlands
Luxembourg
EU15
Austria
Ireland
Sweden
Slovenia
CzechRepublic
Italy
Belgium
Finland
Portugal
Spain
Greece
EU15 average = 0.8%
[ 20 ]
20
A primary characteristic of intangible capital is to be growth promoting
Corrado, C., Haskel, J. and C. Jona-Lasinio: “Spillovers from public intangibles”
(Mimeo, Spintan)
o Evidence of spillovers from public sector R&D to productivity in the market sector.
o Their findings suggest a rate of return of around 50% to public sector R&D
spending.
o They also find that market sector investments in non-R&D intangible capital
generate spillovers to productivity.
o They do not find evidence that non-market non-R&D intangible investment has
spillover benefits to the market sector.
Schiersch, A. and M. Gornig Intangible Capital: “Complement or Substitute in the
Creation of Public Goods?” (Mimeo, Spintan)
o First analysis of the elasticity of substitution between intangible capital and other
inputs for public sector in Europe
o Intangible capital is only weakly substitutable with other inputs; but also not fully
complementary
MORE RESEARCH IS NEEDED, together with expanding and updating already
existing databases (EUKLEMS, INTAN_Invest) complementary to SPINTAN.
Implications for economic growth econometric results
[ 21 ]
Conclusions
 Intangibles are able to explain better and better the differences in living
standards among the countries.
 In order to grow and generate employment, it is not enough to invest in
tangible investment (factories, machinery and equipment…). It is
becoming more important to invest in intangibles assets. It is precisely
in these assets where the differences among countries are larger.
 Low investment in intangibles can explain the sudden stop in the
process of economic convergence of the UE with respect the US.
 All firms should invest more on intangibles regardless of the economic
sector to which they pertain since empirical evidence warns us that
tangible and intangible capital are complementary. Furthermore, they
generate spillovers to other firms and sectors of the economy.
 The availability of this information will allow designing public and
private policies addressed to improve economic performance.
[ 22 ]
Intangibles: medición y contribución al crecimiento
Experiencia internacional
Matilde Mas
Universidad de Valencia e Ivie
Seminario de Inauguración LA-KLEMS
Crecimiento, empleo, capital y la heterogeneidad
sectorial en América Latina
Washington DC, Diciembre 12-13, 2016

More Related Content

What's hot

Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)
SPINTAN
 
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
SPINTAN
 
Spillovers from public intangibles
Spillovers from public intangiblesSpillovers from public intangibles
Spillovers from public intangibles
SPINTAN
 
Private and Public Intangible Capital Productivity Growth and New Policy Chal...
Private and Public Intangible Capital Productivity Growth and New Policy Chal...Private and Public Intangible Capital Productivity Growth and New Policy Chal...
Private and Public Intangible Capital Productivity Growth and New Policy Chal...
SPINTAN
 
Haskel - Spillovers from public intangibles
Haskel - Spillovers from public intangiblesHaskel - Spillovers from public intangibles
Haskel - Spillovers from public intangibles
innovationoecd
 
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
Sitra / Ekologinen kestävyys
 
Intangibles and industry productivity growth: the EU economies
Intangibles and industry productivity growth: the EU economiesIntangibles and industry productivity growth: the EU economies
Intangibles and industry productivity growth: the EU economies
ABACO
 
Cluster and innovation
Cluster and innovationCluster and innovation
Cluster and innovation
Emilio Bugli Innocenti
 
Developing an Outsourcing Industry
Developing an Outsourcing IndustryDeveloping an Outsourcing Industry
Developing an Outsourcing Industry
Rob Cayzer
 
Soa Conference 160909 V0.3
Soa Conference 160909 V0.3Soa Conference 160909 V0.3
Soa Conference 160909 V0.3
armorilla
 
Chongqing-Germany Cooperation
Chongqing-Germany CooperationChongqing-Germany Cooperation
Chongqing-Germany Cooperation
Xieshu Wang
 
Reinhard Büscher | DG Enterprise and Industry, European Commission
Reinhard Büscher | DG Enterprise and Industry, European CommissionReinhard Büscher | DG Enterprise and Industry, European Commission
Reinhard Büscher | DG Enterprise and Industry, European Commission
European Journalism Centre
 
Presentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
Presentatie Amsterdamse Innovatie Motor door Diogo VasconcelosPresentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
Presentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
Creative Cities Amsterdam Area
 
Intellectual property Its role in growth, productivity and jobs in the (ICT-b...
Intellectual propertyIts role in growth, productivity and jobs in the (ICT-b...Intellectual propertyIts role in growth, productivity and jobs in the (ICT-b...
Intellectual property Its role in growth, productivity and jobs in the (ICT-b...
EOI Escuela de Organización Industrial
 
Cthrc hr forum educators meeting charlottetowne pei presentation (v5)
Cthrc hr forum educators meeting charlottetowne pei  presentation (v5)Cthrc hr forum educators meeting charlottetowne pei  presentation (v5)
Cthrc hr forum educators meeting charlottetowne pei presentation (v5)
clwmacdonald
 
International Workshop: Measures to enhance productivity growth. New developm...
International Workshop: Measures to enhance productivity growth. New developm...International Workshop: Measures to enhance productivity growth. New developm...
International Workshop: Measures to enhance productivity growth. New developm...
Ivie
 
Changing Face V4
Changing Face V4Changing Face V4
Changing Face V4
Saine
 
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
Structuralpolicyanalysis
 
Zoran Aralica - Green Industrial Approach
Zoran Aralica - Green Industrial ApproachZoran Aralica - Green Industrial Approach
Zoran Aralica - Green Industrial Approach
Green Academy
 
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
SPINTAN
 

What's hot (20)

Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)
 
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
Private and Public Intangible Capital in the US and EU Economies: Recent Tren...
 
Spillovers from public intangibles
Spillovers from public intangiblesSpillovers from public intangibles
Spillovers from public intangibles
 
Private and Public Intangible Capital Productivity Growth and New Policy Chal...
Private and Public Intangible Capital Productivity Growth and New Policy Chal...Private and Public Intangible Capital Productivity Growth and New Policy Chal...
Private and Public Intangible Capital Productivity Growth and New Policy Chal...
 
Haskel - Spillovers from public intangibles
Haskel - Spillovers from public intangiblesHaskel - Spillovers from public intangibles
Haskel - Spillovers from public intangibles
 
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
Michel Judkiewicz 11.10.2013: Industrial development in Europe and the rest o...
 
Intangibles and industry productivity growth: the EU economies
Intangibles and industry productivity growth: the EU economiesIntangibles and industry productivity growth: the EU economies
Intangibles and industry productivity growth: the EU economies
 
Cluster and innovation
Cluster and innovationCluster and innovation
Cluster and innovation
 
Developing an Outsourcing Industry
Developing an Outsourcing IndustryDeveloping an Outsourcing Industry
Developing an Outsourcing Industry
 
Soa Conference 160909 V0.3
Soa Conference 160909 V0.3Soa Conference 160909 V0.3
Soa Conference 160909 V0.3
 
Chongqing-Germany Cooperation
Chongqing-Germany CooperationChongqing-Germany Cooperation
Chongqing-Germany Cooperation
 
Reinhard Büscher | DG Enterprise and Industry, European Commission
Reinhard Büscher | DG Enterprise and Industry, European CommissionReinhard Büscher | DG Enterprise and Industry, European Commission
Reinhard Büscher | DG Enterprise and Industry, European Commission
 
Presentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
Presentatie Amsterdamse Innovatie Motor door Diogo VasconcelosPresentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
Presentatie Amsterdamse Innovatie Motor door Diogo Vasconcelos
 
Intellectual property Its role in growth, productivity and jobs in the (ICT-b...
Intellectual propertyIts role in growth, productivity and jobs in the (ICT-b...Intellectual propertyIts role in growth, productivity and jobs in the (ICT-b...
Intellectual property Its role in growth, productivity and jobs in the (ICT-b...
 
Cthrc hr forum educators meeting charlottetowne pei presentation (v5)
Cthrc hr forum educators meeting charlottetowne pei  presentation (v5)Cthrc hr forum educators meeting charlottetowne pei  presentation (v5)
Cthrc hr forum educators meeting charlottetowne pei presentation (v5)
 
International Workshop: Measures to enhance productivity growth. New developm...
International Workshop: Measures to enhance productivity growth. New developm...International Workshop: Measures to enhance productivity growth. New developm...
International Workshop: Measures to enhance productivity growth. New developm...
 
Changing Face V4
Changing Face V4Changing Face V4
Changing Face V4
 
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
The Global Productivity Slowdown, Technology Divergence and Public Policy: A ...
 
Zoran Aralica - Green Industrial Approach
Zoran Aralica - Green Industrial ApproachZoran Aralica - Green Industrial Approach
Zoran Aralica - Green Industrial Approach
 
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
Matilde Mas Ivars - I Workshop KIIS. Valencia Nov15
 

Similar to Intangibles: medición y contribución al crecimiento. Seminario de inauguración LA-KLEMS

OECD Blue Skies Conference. Sept 2016
OECD Blue Skies Conference. Sept 2016OECD Blue Skies Conference. Sept 2016
OECD Blue Skies Conference. Sept 2016
SPINTAN
 
Intangible capital
Intangible capitalIntangible capital
Intangible capital
SPINTAN
 
Public Sector Intangibles: The SPINTAN Project
Public Sector Intangibles: The SPINTAN ProjectPublic Sector Intangibles: The SPINTAN Project
Public Sector Intangibles: The SPINTAN Project
SPINTAN
 
The intangible economy in Spain
The intangible economy in SpainThe intangible economy in Spain
The intangible economy in Spain
Ivie
 
Innovation and r&d
Innovation and r&dInnovation and r&d
Innovation and r&d
Babak Mohajeri
 
Icdec2020_presentation_slides_26
Icdec2020_presentation_slides_26Icdec2020_presentation_slides_26
Icdec2020_presentation_slides_26
ICDEcCnferenece
 
The Role of Intangibles in the Public Sector -A Preliminary Study in Japan
The Role of Intangibles in the Public Sector-A Preliminary Study in JapanThe Role of Intangibles in the Public Sector-A Preliminary Study in Japan
The Role of Intangibles in the Public Sector -A Preliminary Study in Japan
SPINTAN
 
ICT and Intangible Capital: Complementary Relations and Industry Productivity...
ICT and Intangible Capital: Complementary Relations and Industry Productivity...ICT and Intangible Capital: Complementary Relations and Industry Productivity...
ICT and Intangible Capital: Complementary Relations and Industry Productivity...
SPINTAN
 
2015 innovation strategy ppt
2015 innovation strategy ppt2015 innovation strategy ppt
2015 innovation strategy ppt
innovationoecd
 
Dr. Andrea Goldstein - Industrial Cluster in the Global Economy
Dr. Andrea Goldstein -  Industrial Cluster in the Global EconomyDr. Andrea Goldstein -  Industrial Cluster in the Global Economy
Dr. Andrea Goldstein - Industrial Cluster in the Global Economy
Ira Tobing
 
Soa Conference 160909 V0.3
Soa Conference 160909 V0.3Soa Conference 160909 V0.3
Soa Conference 160909 V0.3
armorilla
 
Role of SMEs in regional innovation systems in Russia
Role of SMEs in regional innovation systems in RussiaRole of SMEs in regional innovation systems in Russia
Role of SMEs in regional innovation systems in Russia
Stepan Zemtsov
 
HLEG thematic workshop on measuring economic, social and environmental resili...
HLEG thematic workshop on measuring economic, social and environmental resili...HLEG thematic workshop on measuring economic, social and environmental resili...
HLEG thematic workshop on measuring economic, social and environmental resili...
StatsCommunications
 
Growth Game Changer
Growth Game ChangerGrowth Game Changer
Growth Game Changer
accenture
 
Driving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
Driving Productivity Growth: The Importance of Firm-Specific Knowledge AssetsDriving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
Driving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
Structuralpolicyanalysis
 
IoT Start up Report
IoT  Start up ReportIoT  Start up Report
Industrial investments worldwide 2017
Industrial investments worldwide 2017Industrial investments worldwide 2017
Industrial investments worldwide 2017
Trendeo
 
Innovation, EU & Regions: A Way Out of Poverty?
Innovation, EU & Regions: A Way Out of Poverty?Innovation, EU & Regions: A Way Out of Poverty?
Innovation, EU & Regions: A Way Out of Poverty?
andreavc
 
Sources of country-sector productivity growth: total factor productivity and ...
Sources of country-sector productivity growth: total factor productivity and ...Sources of country-sector productivity growth: total factor productivity and ...
Sources of country-sector productivity growth: total factor productivity and ...
SPINTAN
 
2014.05.20_OECD-ECLAC-PSE Forum_altenburg
2014.05.20_OECD-ECLAC-PSE Forum_altenburg2014.05.20_OECD-ECLAC-PSE Forum_altenburg
2014.05.20_OECD-ECLAC-PSE Forum_altenburg
OECD_Inclusivegrowth
 

Similar to Intangibles: medición y contribución al crecimiento. Seminario de inauguración LA-KLEMS (20)

OECD Blue Skies Conference. Sept 2016
OECD Blue Skies Conference. Sept 2016OECD Blue Skies Conference. Sept 2016
OECD Blue Skies Conference. Sept 2016
 
Intangible capital
Intangible capitalIntangible capital
Intangible capital
 
Public Sector Intangibles: The SPINTAN Project
Public Sector Intangibles: The SPINTAN ProjectPublic Sector Intangibles: The SPINTAN Project
Public Sector Intangibles: The SPINTAN Project
 
The intangible economy in Spain
The intangible economy in SpainThe intangible economy in Spain
The intangible economy in Spain
 
Innovation and r&d
Innovation and r&dInnovation and r&d
Innovation and r&d
 
Icdec2020_presentation_slides_26
Icdec2020_presentation_slides_26Icdec2020_presentation_slides_26
Icdec2020_presentation_slides_26
 
The Role of Intangibles in the Public Sector -A Preliminary Study in Japan
The Role of Intangibles in the Public Sector-A Preliminary Study in JapanThe Role of Intangibles in the Public Sector-A Preliminary Study in Japan
The Role of Intangibles in the Public Sector -A Preliminary Study in Japan
 
ICT and Intangible Capital: Complementary Relations and Industry Productivity...
ICT and Intangible Capital: Complementary Relations and Industry Productivity...ICT and Intangible Capital: Complementary Relations and Industry Productivity...
ICT and Intangible Capital: Complementary Relations and Industry Productivity...
 
2015 innovation strategy ppt
2015 innovation strategy ppt2015 innovation strategy ppt
2015 innovation strategy ppt
 
Dr. Andrea Goldstein - Industrial Cluster in the Global Economy
Dr. Andrea Goldstein -  Industrial Cluster in the Global EconomyDr. Andrea Goldstein -  Industrial Cluster in the Global Economy
Dr. Andrea Goldstein - Industrial Cluster in the Global Economy
 
Soa Conference 160909 V0.3
Soa Conference 160909 V0.3Soa Conference 160909 V0.3
Soa Conference 160909 V0.3
 
Role of SMEs in regional innovation systems in Russia
Role of SMEs in regional innovation systems in RussiaRole of SMEs in regional innovation systems in Russia
Role of SMEs in regional innovation systems in Russia
 
HLEG thematic workshop on measuring economic, social and environmental resili...
HLEG thematic workshop on measuring economic, social and environmental resili...HLEG thematic workshop on measuring economic, social and environmental resili...
HLEG thematic workshop on measuring economic, social and environmental resili...
 
Growth Game Changer
Growth Game ChangerGrowth Game Changer
Growth Game Changer
 
Driving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
Driving Productivity Growth: The Importance of Firm-Specific Knowledge AssetsDriving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
Driving Productivity Growth: The Importance of Firm-Specific Knowledge Assets
 
IoT Start up Report
IoT  Start up ReportIoT  Start up Report
IoT Start up Report
 
Industrial investments worldwide 2017
Industrial investments worldwide 2017Industrial investments worldwide 2017
Industrial investments worldwide 2017
 
Innovation, EU & Regions: A Way Out of Poverty?
Innovation, EU & Regions: A Way Out of Poverty?Innovation, EU & Regions: A Way Out of Poverty?
Innovation, EU & Regions: A Way Out of Poverty?
 
Sources of country-sector productivity growth: total factor productivity and ...
Sources of country-sector productivity growth: total factor productivity and ...Sources of country-sector productivity growth: total factor productivity and ...
Sources of country-sector productivity growth: total factor productivity and ...
 
2014.05.20_OECD-ECLAC-PSE Forum_altenburg
2014.05.20_OECD-ECLAC-PSE Forum_altenburg2014.05.20_OECD-ECLAC-PSE Forum_altenburg
2014.05.20_OECD-ECLAC-PSE Forum_altenburg
 

More from SPINTAN

Franco-German Conference. Paris. July 2016
Franco-German Conference. Paris. July 2016Franco-German Conference. Paris. July 2016
Franco-German Conference. Paris. July 2016
SPINTAN
 
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
SPINTAN
 
Investment Agenda for Europe
Investment Agenda for EuropeInvestment Agenda for Europe
Investment Agenda for Europe
SPINTAN
 
Conference of the Global Forum on Productivity 2016
Conference of the Global Forum on Productivity 2016Conference of the Global Forum on Productivity 2016
Conference of the Global Forum on Productivity 2016
SPINTAN
 
I Workshop KIIS Valencia Nov15
I Workshop KIIS Valencia Nov15I Workshop KIIS Valencia Nov15
I Workshop KIIS Valencia Nov15
SPINTAN
 
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde MasSPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
SPINTAN
 
A Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
A Methodolgy for Disentangling Public Funded R&D (GBARD) by IndustriesA Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
A Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
SPINTAN
 
Estimating Public Intangibles in Real Time
Estimating Public Intangibles in Real TimeEstimating Public Intangibles in Real Time
Estimating Public Intangibles in Real Time
SPINTAN
 
Modeling market and nonmarket Intangible investments in a macro-econometric f...
Modeling market and nonmarket Intangible investments in a macro-econometric f...Modeling market and nonmarket Intangible investments in a macro-econometric f...
Modeling market and nonmarket Intangible investments in a macro-econometric f...
SPINTAN
 
The EU Productivity Gap - Open Session
The EU Productivity Gap - Open SessionThe EU Productivity Gap - Open Session
The EU Productivity Gap - Open Session
SPINTAN
 
Human Capital: Extending the measures
Human Capital: Extending the measuresHuman Capital: Extending the measures
Human Capital: Extending the measures
SPINTAN
 

More from SPINTAN (11)

Franco-German Conference. Paris. July 2016
Franco-German Conference. Paris. July 2016Franco-German Conference. Paris. July 2016
Franco-German Conference. Paris. July 2016
 
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
14th European Workshop on Efficiency and Productivity Analysis (EWEPA)
 
Investment Agenda for Europe
Investment Agenda for EuropeInvestment Agenda for Europe
Investment Agenda for Europe
 
Conference of the Global Forum on Productivity 2016
Conference of the Global Forum on Productivity 2016Conference of the Global Forum on Productivity 2016
Conference of the Global Forum on Productivity 2016
 
I Workshop KIIS Valencia Nov15
I Workshop KIIS Valencia Nov15I Workshop KIIS Valencia Nov15
I Workshop KIIS Valencia Nov15
 
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde MasSPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
SPINTAN project Final Conference Latest SPINTAN Developments. Matilde Mas
 
A Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
A Methodolgy for Disentangling Public Funded R&D (GBARD) by IndustriesA Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
A Methodolgy for Disentangling Public Funded R&D (GBARD) by Industries
 
Estimating Public Intangibles in Real Time
Estimating Public Intangibles in Real TimeEstimating Public Intangibles in Real Time
Estimating Public Intangibles in Real Time
 
Modeling market and nonmarket Intangible investments in a macro-econometric f...
Modeling market and nonmarket Intangible investments in a macro-econometric f...Modeling market and nonmarket Intangible investments in a macro-econometric f...
Modeling market and nonmarket Intangible investments in a macro-econometric f...
 
The EU Productivity Gap - Open Session
The EU Productivity Gap - Open SessionThe EU Productivity Gap - Open Session
The EU Productivity Gap - Open Session
 
Human Capital: Extending the measures
Human Capital: Extending the measuresHuman Capital: Extending the measures
Human Capital: Extending the measures
 

Recently uploaded

China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
msthrill
 
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance PaymentCall Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
prijesh mathew
 
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesSingapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
International Federation of Accountants
 
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment LeaderDr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
msthrill
 
Singapore Event 2024 IPSASB Update Slides
Singapore Event 2024 IPSASB Update SlidesSingapore Event 2024 IPSASB Update Slides
Singapore Event 2024 IPSASB Update Slides
International Federation of Accountants
 
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
Commonwealth
 
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Henry Tapper
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
TIZITAWMASRESHA
 
The-National-Commission-for-Culture-and-the-Arts.ppt
The-National-Commission-for-Culture-and-the-Arts.pptThe-National-Commission-for-Culture-and-the-Arts.ppt
The-National-Commission-for-Culture-and-the-Arts.ppt
rubensimborio1
 
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdfGUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
ProexportColombia1
 
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
nimaruinazawa258
 
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
Neil Day
 
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
mukeshomran942
 
Economic trends from a business point of view (May 2024)
Economic trends from a business point of view (May 2024)Economic trends from a business point of view (May 2024)
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdfGUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
ProexportColombia1
 
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA MetricsPoonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
shruti1menon2
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
asukqco
 
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7 Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
shaankumar98663
 
Tiểu luận: PURPOSE OF BUDGETING IN SME.docx
Tiểu luận: PURPOSE OF BUDGETING IN SME.docxTiểu luận: PURPOSE OF BUDGETING IN SME.docx
Tiểu luận: PURPOSE OF BUDGETING IN SME.docx
lamluanvan.net Viết thuê luận văn
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
msthrill
 

Recently uploaded (20)

China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
 
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance PaymentCall Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
 
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesSingapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
 
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment LeaderDr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
 
Singapore Event 2024 IPSASB Update Slides
Singapore Event 2024 IPSASB Update SlidesSingapore Event 2024 IPSASB Update Slides
Singapore Event 2024 IPSASB Update Slides
 
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
 
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
 
The-National-Commission-for-Culture-and-the-Arts.ppt
The-National-Commission-for-Culture-and-the-Arts.pptThe-National-Commission-for-Culture-and-the-Arts.ppt
The-National-Commission-for-Culture-and-the-Arts.ppt
 
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdfGUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
 
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
 
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
 
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
 
Economic trends from a business point of view (May 2024)
Economic trends from a business point of view (May 2024)Economic trends from a business point of view (May 2024)
Economic trends from a business point of view (May 2024)
 
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdfGUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
GUIA_LEGAL_CHAPTER_4_FOREIGN TRADE CUSTOMS.pdf
 
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA MetricsPoonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
 
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7 Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
Call Girls Bangalore 9024918724 Verified Service Available Near Me 24x7
 
Tiểu luận: PURPOSE OF BUDGETING IN SME.docx
Tiểu luận: PURPOSE OF BUDGETING IN SME.docxTiểu luận: PURPOSE OF BUDGETING IN SME.docx
Tiểu luận: PURPOSE OF BUDGETING IN SME.docx
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
 

Intangibles: medición y contribución al crecimiento. Seminario de inauguración LA-KLEMS

  • 1. [ 1 ] Intangibles: medición y contribución al crecimiento Experiencia internacional Matilde Mas Universidad de Valencia e Ivie Seminario de Inauguración LA-KLEMS Crecimiento, empleo, capital y la heterogeneidad sectorial en América Latina Washington DC, Diciembre 12-13, 2016
  • 2. [ 2 ] Motivation Robert Solow (1987) statement about computers can be rephrased as: “While knowledge economy is all around us, it is still hard to see it in the official statistics”. Since Solow’s remark, important efforts have been made to capture the knowledge economy in the (official) statistics. Milestones:  The new way of Measuring Capital, and thus Productivity, taking into account the distinction among types of assets (OECD Manuals 2001a, 2001b, 2009)  Relevant projects: EU/LA/WORLD KLEMS; Productivity Database (OECD)  The distinction between ICT and non-ICT assets and of ICT producing sectors  The recognition by SNA 1995 of Software, Databases and a few more intangibles assets in National Accounts, and of SNA 2010 including R&D.  Corrado, Hulten & Sichel’s (2005, 2009) proposal to expand NA boundaries to include a selected group of intangible assets  Relevant projects: COINVEST (7th FP), INNODRIVE (7th FP), INTAN-Invest, SPINTAN (7th FP) and KBC (OECD)
  • 3. [ 3 ] Intangibles: Corrado, Hulten & Sichel’s proposal They cut through the conceptual problem of defining intangible assets by referring to a standard inter-temporal framework that leads to the conclusion that “any use of resources that reduces current consumption in order to increase it in the future […] qualifies as investment”. Then, all types of capital should be treated symmetrically, for example, “investment in knowledge capital should be placed on the same footing as that of investment in plants and equipment”. A convenient consequence of the CHS approach and their emphasis on the symmetric treatment of all assets is that one does not have to worry too much about defining “intangibles” by way of specific characteristics. It is more important to reason in terms of capital goods and to check whether spending activity meets the test of being an outlay now to enhance future consumption.
  • 4. [ 4 ] Classification of Intangible assets Intangible capital asset types Computerized information 1. Software 2. Databases Innovative property 3. Mineral exploration 4. R&D (scientific) 5. Entertainment and artistic originals 6. New products/systems in financial services 7. Design and other new products/systems Economic competencies 8. Brand equity a. Advertising b. Market research 9. Firm-specific resources a. Employer-provided training b. Organizational structure
  • 5. [ 5 ] The major challenges in capitalizing intangibles  Intangibles are largely invisible and hard to count: • Companies often do not have exact metrics to separate expenditure on intangibles assets from other expenses.  Intangible investments are often produced within the company and therefore do not represent a market transaction: • However, an increasingly large share of intangibles are traded through markets which allow to impute prices for within-company production and transactions.  Intangibles are often not a direct or continuous input to current production: • Greater emphasis on product innovations represents shift away from Solow to Schumpeterian approach to growth.  Intangibles are largely non-rival and their benefits often not appropiable: • While violating marginalist principles at micro-level, the principles are close enough to the reality of market economy.
  • 6. [ 6 ] Consequences The main consequences of including (some) intangibles as investment, instead of following the NA practice of treating them as intermediate consumption goods, are: 1. Gross Value Added (GVA) will increase by the same amount that the (new) intangible investment. 2. Thus, the level of labour productivity will also increase. 3. The real rate of growth of GVA when intangibles are included can either increase, decrease, or keep (more or less) constant with respect to the GVA conventionally measured. 4. Growth accounting results are modified. The inclusion of intangibles assets in investment reduces the contribution of TFP growth.
  • 7. [ 7 ] MARKET SECTOR INTANGIBLES DATABASE. THE INTAN-Invest INITIATIVE INTAN-Invest (Cross country intangible investment data www.intan-invest.net) • Unfunded project • Project coordinators: Carol Corrado (TCB, US); Jonathan Haskel (IC, UK); Cecilia Jona-Lasinio (LUISS, Italy); Maximiliano Iommi (ISTAT, Italy) • Countries: EU-27 + Norway + USA • Period: 1995-2010 (so far) • Private sector of the economy. 9 industry disaggregation • Objective: Getting an harmonized intangibles database for EU- 27 plus Norway & US • Making use of the information gathered by INNODRIVE & COINVEST
  • 8. [ 8 ] Investment in Intangibles: Market Economy (Intan-Invest and Telefónica Foundation) Composition of the investment in intangible assets, 2010 Percentage of extended private GVA * Sweden, Finland and Denmark. Source: EU KLEMS, INE, INTAN-Invest and author’s own calculations. 1,503 1,789 3,112 2,291 2,614 1,150 ,990 2,557 2,250 3,555 5,202 5,717 4,562 4,293 2,391 3,350 3,452 5,124 4,887 7,272 6,294 4,484 3,524 6,873 0 2 4 6 8 10 12 14 16 18 Spain EU-15 Nordic countries* US France Germany Italy UK Computerized information Innovative property Economic competencies
  • 9. [ 9 ] 9 • The SPINTAN Project is funded by the 7º Framework Program of the EU. • It started November 2013 and it has just finished (November 2016) • It has counted with the participation of 12 institutions from Spain (Ivie, Project coordinator), Italy (LUISS and ISTAT), UK (NIESR and Imperial College), Germany (ZEW and DIW), Austria (wiiw), Hungary (Kopint-Tarki), Sweden (FORES), TCBE (Brussels) and the OECD. • The overall research purpose of the project has been • to identify and measure public sector intangible capital, • to evaluate its role as a driver of firm-industry-country economic growth and • to provide new insights to the innovation policy agenda about the key role of public sector knowledge creation. Smart public intangibles. SPINTAN project
  • 10. [ 10 ] 10 At the most practical level, its goal is to complete the coverage of the sources of growth information already existing for the market economy [EU KLEMS (FP 6th), COINVEST (FP 7th), INDICSER (FP 7th), INNODRIVE (FP 7th) and INTAN- Invest] including the Non-Market Sector, making possible the generation of total economy growth accounts with intangibles as productive assets. (www.spintan.net) Smart public intangibles. SPINTAN project
  • 11. [ 11 ] 11 EU KLEMS (2003-2008 project funded by 6th-7th Framework Programme of the EC) EU KLEMS, INTAN-Invest, SPINTAN. A common framework 12 sub-industries 3 sub-industries 3 sub-industries 3 sub-industries ICT assets Non-ICT assets Hours worked Labour compositio n MARKET ECONOMY AGRICULTURE, FORESTRY AND FISHING A      MINING AND QUARRYING B      TOTAL MANUFACTURING C     . . . . . . ELECTRICITY, GAS AND WATER SUPPLY D-E      CONSTRUCTION F      WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES G      . . . . . . TRANSPORTATION, STORAGE and ACCOMMODATION AND FOOD SERVICE ACTIVITIES H-I      . . . . . . INFORMATION AND COMMUNICATION J     . . . . . . FINANCIAL AND INSURANCE ACTIVITIES K      PROFESSIONAL, SCIENTIFIC, TECHNICAL, ADMINISTRATIVE AND SUPPORT SERVICE ACTIVITIES M-N      ARTS, ENTERTAINMENT, RECREATION AND OTHER SERVICE ACTIVITIES R-S      NON-MARKET SERVICES PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY SOCIAL SECURITY O      EDUCATION P      HEALTH AND SOCIAL WORK Q      REAL ESTATE ACTIVITIES L      Industry description NACE Rev 2 Factors of production Capital Labour TFP
  • 12. [ 12 ] 12 EU KLEMS + INTAN-Invest INTAN-Invest (2011-2014) Capital ICT assets Non-ICT assets Hours worked Labour composition Intangible assets, market sector MARKET ECONOMY (industry approach) AGRICULTURE, FORESTRY AND FISHING A       MINING AND QUARRYING B       TOTAL MANUFACTURING C       ELECTRICITY, GAS AND WATER SUPPLY D-E       CONSTRUCTION F       WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES G       FINANCIAL AND INSURANCE ACTIVITIES K       OTHER SERVICES H-J, M-N, R-S       NON-MARKET SERVICES (industry approach) PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY SOCIAL SECURITY O       EDUCATION P       HEALTH AND SOCIAL WORK Q       REAL ESTATE ACTIVITIES L       TFP Factors of production Industry description NACE Rev 2 EU KLEMS (2003-2008, 6th-7th Framework Programme) Capital Labour EU KLEMS, INTAN-Invest, SPINTAN. A common framework
  • 13. [ 13 ] 13 EU KLEMS + INTAN-Invest + SPINTAN INTAN-Invest (2011-2014) SPINTAN (2013- 2016, 7th FP) Capital Capital ICT assets Non-ICT assets Hours worked Labour compositi on Intangible assets, market sector (industry approach) Intangible assets, non- market sector (institutional approach) MARKET ECONOMY (industry approach) AGRICULTURE, FORESTRY AND FISHING A        MINING AND QUARRYING B        TOTAL MANUFACTURING C        ELECTRICITY, GAS AND WATER SUPPLY D-E        CONSTRUCTION F        WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES G        FINANCIAL AND INSURANCE ACTIVITIES K        OTHER SERVICES H-J, M-N, R-S       (only M72 and R92-92 non-market institutional sector)  NON-MARKET SERVICES (industry approach) PUBLIC ADMINISTRATION AND DEFENCE; COMPULSORY SOCIAL SECURITY O        EDUCATION P       (only P non- market institutional sector)  HEALTH AND SOCIAL WORK Q       (only Q non- market institutional sector)  REAL ESTATE ACTIVITIES L        Industry description NACE Rev 2 Factors of production EU KLEMS (2003-2008, 6th-7th Framework Programme) TFP Capital Labour EU KLEMS, INTAN-Invest, SPINTAN. A common framework
  • 14. [ 16 ] US outperforms the EU in market and non- market intangible investment . Heterogeneity within EU-15. Sweden and UK in top positions. The four peripheral countries at the tail end. Figure 3: Share of GFCF on intangible assets over total GDP. EU15 and US. Average 2006-2010 (percentages) Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration. a) Market sector b) Non-market sector 10,8 8,48,3 7,57,47,37,16,96,8 6,36,36,26,16,0 5,2 4,54,54,3 2,1 0 2 4 6 8 10 12 UnitedStates Sweden UnitedKingdom Belgium Denmark France Finland Slovenia Netherlands EU15 CzechRepublic Germany Austria Luxembourg Ireland Spain Portugal Italy Greece EU15 average = 6.3% 2,5 1,6 1,3 1,11,1 0,90,90,90,90,90,80,80,70,70,7 0,6 0,4 0,20,2 0,0 0,5 1,0 1,5 2,0 2,5 3,0 UnitedStates Sweden UnitedKingdom Italy Netherlands Austria Portugal Finland EU15 Belgium CzechRepublic Germany Ireland France Denmark Slovenia Spain Greece Luxembourg EU15 average = 0.9%
  • 15. [ 17 ] In R&D the gap with US is larger in the non-market sector Figure 5: Share of GFCF on R&D over total GDP. EU15 and US. Average 2006-2010 (percentages) Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration. a) Market sector b) Non-market sector 2,2 2,1 2,0 1,6 1,6 1,4 1,1 1,1 1,1 1,1 1,0 0,8 0,8 0,7 0,6 0,6 0,5 0,5 0,1 0,0 0,5 1,0 1,5 2,0 2,5 Sweden Finland UnitedStates Germany Austria Denmark France Luxembourg Belgium EU15 Slovenia UnitedKingdom CzechRepublic Netherlands Ireland Spain Italy Portugal Greece EU15 average = 1.06% 0,9 0,8 0,6 0,5 0,5 0,4 0,4 0,4 0,3 0,3 0,3 0,2 0,2 0,2 0,2 0,1 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1,0 UnitedStates Sweden Austria Portugal Italy CzechRepublic Denmark Finland Germany EU15 Belgium Netherlands UnitedKingdom France Spain Slovenia EU15 average = 0.29%
  • 16. [ 18 ] UK leads the ranking in organizational capital investment over GDP in the market sector, while US tops the non-market sector. Figure 6: Share of GFCF on organisational capital over total GDP. EU-15 and US. Average 2006-2010 (percentages) Source: Eurostat, Intan-INVEST, SPINTAN and own elaboration. a) Market sector b) Non-market sector 2,9 2,42,3 2,1 1,9 1,8 1,61,6 1,51,51,41,41,31,3 1,01,00,9 0,7 0,0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 UnitedKingdom UnitedStates Belgium Netherlands France Sweden Slovenia EU15 Austria Portugal Finland Ireland CzechRepublic Germany Luxembourg Italy Denmark Spain Greece EU15 average = 1.6% 0,4 0,3 0,2 0,2 0,10,1 0,10,10,10,10,10,10,10,10,10,1 0,0 0,00,0 0,0 0,1 0,1 0,2 0,2 0,3 0,3 0,4 0,4 0,5 UnitedStates Belgium Italy Netherlands France Sweden Greece EU15 Ireland Finland Austria UnitedKingdom Denmark Portugal Slovenia CzechRepublic Germany Spain Luxembourg EU15 average = 0.1%
  • 17. [ 19 ] Denmark (followed by US) is the leader in investment in training in the market sector and UK in the non-market sector. US is above the EU-15 average. Figure 7: Share of GFCF on training over total GDP. EU-15 and US. Average 2006- 2010 (percentages) Source: Eurostat, INTAN-Invest, SPINTAN and own elaboration. 0,8 0,5 0,4 0,3 0,3 0,20,20,2 0,10,10,10,10,10,10,10,10,00,00,0 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 UnitedKingdom Ireland UnitedStates Germany EU15 CzechRepublic Belgium Finland Sweden Netherlands Slovenia Italy France Portugal Greece Luxembourg Austria Denmark Spain EU15 average = 0.3% a) Market sector b) Non-market sector 1,3 1,1 1,0 0,90,9 0,80,8 0,80,80,7 0,7 0,60,50,50,50,5 0,40,4 0,0 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 Denmark UnitedStates UnitedKingdom France Germany Netherlands Luxembourg EU15 Austria Ireland Sweden Slovenia CzechRepublic Italy Belgium Finland Portugal Spain Greece EU15 average = 0.8%
  • 18. [ 20 ] 20 A primary characteristic of intangible capital is to be growth promoting Corrado, C., Haskel, J. and C. Jona-Lasinio: “Spillovers from public intangibles” (Mimeo, Spintan) o Evidence of spillovers from public sector R&D to productivity in the market sector. o Their findings suggest a rate of return of around 50% to public sector R&D spending. o They also find that market sector investments in non-R&D intangible capital generate spillovers to productivity. o They do not find evidence that non-market non-R&D intangible investment has spillover benefits to the market sector. Schiersch, A. and M. Gornig Intangible Capital: “Complement or Substitute in the Creation of Public Goods?” (Mimeo, Spintan) o First analysis of the elasticity of substitution between intangible capital and other inputs for public sector in Europe o Intangible capital is only weakly substitutable with other inputs; but also not fully complementary MORE RESEARCH IS NEEDED, together with expanding and updating already existing databases (EUKLEMS, INTAN_Invest) complementary to SPINTAN. Implications for economic growth econometric results
  • 19. [ 21 ] Conclusions  Intangibles are able to explain better and better the differences in living standards among the countries.  In order to grow and generate employment, it is not enough to invest in tangible investment (factories, machinery and equipment…). It is becoming more important to invest in intangibles assets. It is precisely in these assets where the differences among countries are larger.  Low investment in intangibles can explain the sudden stop in the process of economic convergence of the UE with respect the US.  All firms should invest more on intangibles regardless of the economic sector to which they pertain since empirical evidence warns us that tangible and intangible capital are complementary. Furthermore, they generate spillovers to other firms and sectors of the economy.  The availability of this information will allow designing public and private policies addressed to improve economic performance.
  • 20. [ 22 ] Intangibles: medición y contribución al crecimiento Experiencia internacional Matilde Mas Universidad de Valencia e Ivie Seminario de Inauguración LA-KLEMS Crecimiento, empleo, capital y la heterogeneidad sectorial en América Latina Washington DC, Diciembre 12-13, 2016