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Yayın The relationship between patents and economic growth: a panel VAR and causality analyses on OECD countries(Işık Üniversitesi, 2023-06-21) Özkan Yıldız, Öznur; Görkey, Selda; Işık Üniversitesi, Lisansüstü Eğitim Enstitüsü, Uygulamalı Ekonomi Yüksek Lisans ProgramıThe patent subject requires a comprehensive analysis both theoretically and empirically as it is related to many concepts. Patenting is important not only for the patent owner, but also for society and the country. Over the years, the causes of economic growth have been put forward in various ways in different growth models. Sustainable economic growth can be achieved by the creation of innovation by industries that carry out R&D activities and the continuous feeding of innovation with R&D, according to R&D-based endogenous growth models. The innovation process is depicted as a cumulative one in which new innovations build on past achievements. Empirical evidence demonstrates that patents, as a form of intellectual property rights contribute to economic growth. Especially in knowledge-based new economies, patents play a essential role in the decisions of countries and companies to invest in innovation. This study first theoretically reviews the economic effects of patent and patent system. For this purpose, it explains the impact of patents on economic growth, starting from their role as an innovation indicator and considering the main benefits of the patent system. The study then empirically investigates the relationship between patents and economic growth for a panel of OECD countries between 1990 and 2019. By employing panel vector autoregression (VAR) approach and panel-VAR Granger causality analysis, the research distinguishes patents into patent applications and grants. According to the findings of the Granger causality analysis, there is no two-way causality relationship between patents and economic growth, but there is a causality relationship from patents to economic growth. The findings from the empirical estimates confirm a significant contribution of patents to economic growth in OECD countries. The empirical results show that an improvement in patent grants play a decisive role rather than patent applications in enchancing gross domestic product.Yayın Causal links between patents and economic growth: empirical evidence from OECD countries(Universidade Nove de Julho-UNINOVE, 2024-08) Özkan Yıldız, Öznur; Görkey, SeldaObjective of the Study: This paper empirically investigates the reciprocal relationship and causality between patents and economic growth. Methodology/Approach: Utilizing the Generalized Method of Moments (GMM) Panel Vector Autoregression (PVAR) and panel VAR-Granger Causality frameworks, the study concentrates on Organisation for Economic Co-operation and Development (OECD) economies where a high fraction of global innovative activities take place. Originality/Relevance: The relationship and causality between patents and economic growth are investigated and evaluated by distinguishing the former variable into patent applications and grants. Main Results: The findings from the GMM panel VAR approach indicate that patent applications and grants significantly affect economic growth, whereas economic activities do not influence patent-related variables. The estimations from the panel VAR-Granger approach confirm these findings by presenting a unidirectional causality from patent applications and grants to economic growth. The impulse-response functions (IRFs) exhibit parallel findings, and further checks validate the stability of the findings obtained. The outcomes of this study point out two crucial implications. First, the impacts of patent applications and grants affect economic growth similarly while the impact of patent grants lasts longer. Second, while patents cause higher economic activity, the latter does not induce innovative activity through patents in the OECD. Theoretical/Methodological Contributions: It would be useful to conduct separate analyses for a selected product, sector, or country by including research and development (R&D) expenditures for different periods, country groups, and analysis methods. Social/Management Contributions: Countries should prioritize the establishment of an effective patent management system that will increase the pace of innovation and the implementation of incentive policies for the development of high-value-added technology products.
