Intangible Investment and Productivity Growth in Sweden Harald Edquist Project funded by the European Commission under the Seventh Framework Programme.

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Presentation transcript:

Intangible Investment and Productivity Growth in Sweden Harald Edquist Project funded by the European Commission under the Seventh Framework Programme Grant No

Labor and total factor productivity growth in the business sector in EU-15, Japan and the US 1995–2007 Source: EU KLEMS (2009)

Background Recovery from crisis in the 1990s Market reforms in the 1980s Information and communication technology (ICT) High TFP growth

Corrado, Hulten and Sichel (2006) framework Computerized information (software and computerized databases) Innovative property (R&D, mineral explorations, copyright and license costs, product development in financial industries and design) Economic competencies (brand equity, vocational training and organizational capital)

Questions How large was intangible investment in Sweden? How large was intangible investment compared to other countries? How important is intangible investment for productivity growth? Has investment in intangibles been driven by manufacturing or the service sector?

Sources Intangible assetsSources SoftwareEU KLEMS Research and developmentOECD ANBERD Mineral explorationSGU Copyright and license costStatistics Sweden Product development in financial industries EU KLEMS DesignStatistics Sweden Brand equityIRM, Statistics Sweden Vocational trainingStatistics Sweden Organizational capitalAffärsvärlden, Statistics Sweden

Investment in intangibles in the Swedish business sector in 2006 was 292 bn SEK Source: Edquist (2010)

Intangible investment in the business sector in 12 different countries in 2006 (percent of GDP) Sources: Hao et al. (2009), Corrado et al. (2009), Marrano et al. (2009) och egna beräkningar.

Intangible investment in the Swedish business sector in 2006 (percent of GDP) Source: Own calculations

Tangible and intangible investment in the business sector in 12 different countries 2006 Sources: Hao et al. (2009), Corrado et al. (2009), Marrano et al. (2009) och egna beräkningar.

∆ LP∆ Capital labor ratio∆ Labor quality= Growth accounting ∆ TFP ∆ Other capital labor ratio = Excluding intangibles: Including intangibles: S K’ +S L’ + ∆ LP ∆ Intangible capital labor ratio SKSK SRSR SLSL +++ ∆ Labor quality ∆ TFP

Decomposition of LP growth 1995–2004 Source: Edquist (2009)

Decomposition of LP growth 1995–2000 Source: Edquist (2009)

Decomposition of LP growth 2000–2004 Source: Edquist (2009)

TFP in different countries excluding and including intangible capital in 1995–2004 Source: Edquist (2009)

Contribution of intangible capital deepening to LP growth 1995–2004 Source: Edquist (2009)

R&D-investment by firms in 2007 (percent) Source: Statistics Sweden (2009)

Industry level method Intangible assetsSources SoftwareSector data available in EU-KLEMS Research and developmentSector data available in ANBERD Mineral explorationOnly investment in mining and quarrying Copyright and license costTurnover of industries producing entertainment, literacy and artistic originals Financial innovationOnly investment in financial industry DesignUse tables for purchased design and wage sums in different sectors for own- account design Brand equityUse tables for advertising and market research Vocational trainingSector data provided by Statistics Sweden Organizational capitalUse tables for purchased OS and wages for managers at the industry level for own-account OS

Investment in intangibles for manufacturing and services in Sweden 2006 (bn SEK) Source: Edquist (2009)

Ratio of intangible to tangible investments in Swedish manufacturing and services 1995–2006 Source: Own calculations

Investment in intangibles by the Swedish services in 2006 (bn SEK) Source: Own calculations

Intangible investment by Swedish manufacturing (bn SEK) Source: Own calculations

Investment in intangibles for manufacturing and the service sector in the Swedish business sector (bn SEK) Source: Own calculations

Investment in intangibles in four different countries 2000–2005 (percent of GDP) Source: Clayton et al. (2009); Fukao (2009); van Rooijen-Horsten et al. (2008) and own calculations.

Conclusions (I) Total investment in intangibles was 292 bn SEK or 10 percent of GDP in 2006 Intangible investment was large in Sweden compared to many other OECD-countries Intangibles accounted for 35 percent of the labor productivity growth in the Swedish business sector in 1995–2004 Sweden was very intensive on R&D investment

Conclusions (II) Manufacturing – 44 percent of intangibles Services – 51 percent of intangibles Manufacturing accounted for 82 percent of private sector investment in R&D, while the service sector invested more in all other categories of intangibles Intangible investment was large in Swedish manufacturing compared to other countries, while it was small in the service sector in relative terms