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Attempts to answer the following questions about intangible assets, such as knowledge and firm-specific skills: Does the importance of intangibles as part of total investment vary across sectors? [and] Does the exclusion of many intangibles from investment measurement affect the measures of sectoral economic growth and productivity?
Considers the measurement of investment in intangible assets such as R&D, computerised information and human/organisational capital in the Australian economy.
This paper examines the impact of investment in research and innovation on Australian market sector productivity. While previous studies have largely focused on a narrow class of private sector intangible assets as a source of productivity gains, this paper shows that there is a broad range of other business sector intangible assets that can significantly affect productivity. Moreover, the paper pays special attention to the role played by public support for research and innovation in the economy. The empirical results suggest that there are significant spillovers to productivity from public sector R&D spending on research agencies and higher education. No evidence is found for productivity spillovers from indirect public support for the business enterprise sector, civil sector or defence R&D. These findings could have implications for government innovation policy as they provide insights into possible productivity gains from government funding reallocations.
International Monetary Fund. Asia and Pacific Dept
Author : International Monetary Fund. Asia and Pacific Dept Publisher : International Monetary Fund Page : 22 pages File Size : 25,89 MB Release : 2020-03-05 Category : Business & Economics ISBN : 1513536125
This Selected Issues paper investigates the drivers of business investment in Australia, focusing on the non-mining sectors. The paper also identifies aggregate-level drivers for non-mining business investment by looking at long-term trends. It delves into firm-level investment behavior and assesses the role of credit availability and uncertainty in different types of firms. Long-term empirical and simulation-based analyses suggest that global factors such as rising policy uncertainty and weaker commodity prices have been key drivers of the slowdown, while in the short term, a renewed escalation in US–China trade tensions could spill over to investment and growth in Australia. Yet, domestic factors are also at play, including domestic policy uncertainty and financial constraints, especially for smaller and younger firms. The pace of product market reforms can also impact business investment. Australia can promote business investment by reducing domestic policy uncertainty, easing credit constraints for small- and medium-sized enterprises, incentivizing research and development, and continuing with product market and tax reforms.
This report presents a comprehensive overview of recent and longer-term trends in productivity levels and growth in OECD countries, accession countries, key partners and some G20 countries.
Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
Intangible assets are at the heart of what makes firms competitive. They are vital for productivity and economic growth. A key question is whether the factors that tend to hold back investments in Europe are the same for tangible and intangible assets, i.e. is there a need for specific policy measures addressing intangible assets? This paper provides contextual information concerning intangible assets by discussing conceptual aspects, illustrating recent trends in terms of investments in intangibles and their corresponding impact on productivity and gross value added (GVA) growth. With a view at specific characteristics of intangibles, potential drivers and barriers to investments in intangibles are identified and tested. Evidence from the presented empirical analyses suggests that including intangibles in a source-of growth framework changes the corresponding growth patterns (GVA tends to grow more rapidly and capital deepening becomes the dominant source of growth). Looking at intangibles also helps to improve the understanding of TFP differentials. As regards investments, structural factors tend to matter generally more for intangibles whereas cyclical factors matter more for tangible assets. Against this backdrop, a series of policy-relevant messages has been derived. Overall, however, there is need to enlarge the general understanding of knowledge creation and to further improve the measurement of intangible assets in order to allow sound and evidence-based policy support.
This work shows that business investment in knowledge-based capital is a key to future productivity growth and living standards and sets out recommendations in the fields of: innovation; taxation; entrepreneurship and business development; corporate reporting; big data; competition and measurement.
Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan’s modest productivity growth. Results show a substantial dispersion in firm-level productivity growth across sectors and even across firms within the same sector. SMEs, on average, exhibit lower productivity growth than non-SMEs in Japan, with smaller and older SMEs showing particularly low productivity growth. Estimates suggest that boosting productivity growth in all of the worst-performing SMEs could improve overall productivity growth by up to 1.8 percentage points. The SME credit guarantee system, SME financing constraints, demographic factors, and lack of intangible capital investment are discussed as contributors to the slow productivity growth of Japan’s small and old SMEs.