How Private Property Protection Influences the Impact of Intellectual Property Rights on Economic Growth?

Jihong Zhang, Ding Du and Walter Park

Global Economic Review, 2015, vol. 44, issue 1, 1-30

Abstract: Although policy-makers typically assume a positive relationship between intellectual property rights (IPRs) and economic growth, the empirical evidence on the IPR-growth relationship is rather inconclusive. We conjecture in this paper that the weak IPR-growth evidence in previous studies may be due to a neglect of the role of finance markets and private property rights. Our conjecture is motivated by the recent law-and-finance literature. We test our conjecture with a cross-section of 98 countries and find that once we modify our measure of IPRs to take into account general property rights, there is stronger evidence for a positive relationship between IPRs and economic growth. Our findings not only help explain the IPR-innovation puzzle but also have significant theoretical as well as policy implications.

Date: 2015
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DOI: 10.1080/1226508X.2014.961093

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