Author information:
Domicián Máté: University of Debrecen, Assistant Professor. E-mail: domician.mate@econ.unideb.hu
Abstract:
This paper is intended to assist in clarifying the role of Intellectual Property Rights (IPRs) by providing an empirical analysis of knowledge-intensive financial sectors that have received somewhat less attention in research and policy debates so far. The purpose of the study was to estimate the performance of these financial sectors primarily in the context of labour productivity (output per capita) and intellectual property rights between 1990 and 2010. The first objective of the research was to gain an insight into how and to what extent physical and human capital accumulation and changes in total factor productivity (TFP) affected the growth rate of output per capita at the sector level. A growth accounting approach was applied to conduct calculations for a sample of fourteen OECD countries. The results, on the one hand, point to an increased contribution of auxiliary financial and insurance services to the aggregate performance of the financial sectors. On the other hand, the methodology applied revealed that technological progress in the broad sense (TFP) contributed the most to changes in productivity growth across the financial sectors. At the same time, the secondary objective of the study was to explore the determinants of productivity from the perspective of institutional economics, in the context of which a dynamic panel regression model was applied to determine the impact of intellectual property rights (such as trademarks and patents) on productivity growth. It was found that in long run trademarks tended to correlate negatively with productivity in the financial sectors in the model specifications. The conclusions support the view that the existing intellectual property rights systems are in need of reform in the financial sector.
Cite as (APA):
Máté, D. (2015). An analysis of the determinants of labour productivity in financial sectors in the context of intellectual property rights. Financial and Economic Review, 14(3), 88–105. https://hitelintezetiszemle.mnb.hu/en/4-mate-en
Column:
Study
Journal of Economic Literature (JEL) codes:
E25, J24, O47
Keywords:
sectoral approach, intellectual property rights, labour productivity
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