Patents as Collateral

This paper studies how the assignment of patents as collateral determines the savings of firms and magnifies the effect of innovative rents on investment in research and development (R&D). We analyse the behaviour of innovative firms that face random and lumpy investment opportunities in R&D. High growth rates of innovations, possibly higher than the real rate of interest, may be achieved despite financial constraints. There is an optimal level of publicly funded policy by the patent and trademark office that minimizes the legal uncertainty surrounding patents as collateral and maximizes the growth rate of innovations.

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Year of publication:	2010-03-16
Authors:	Chatelain, Jean-Bernard ; Ralf, Kirsten ; Amable, Bruno
Published in:	Journal of Economic Dynamics & Control. - Amsterdam : Elsevier, ISSN 0165-1889. - Vol. 34.2010, 6, p. 1094-1104
Publisher:	Amsterdam : Elsevier
Subject:	Patent \| Collateral (Security) \| Growth theory \| Innovation \| Research \| Credit rationing \| Patents \| Collateral \| Growth \| Research and Development

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	10.1016/j.jedc.2010.03.004 [DOI] 740067478 [GVK] hdl:10419/71062 [Handle] RePEc:zbw:espost:71062 [RePEc]
Classification:	D9 - Intertemporal Choice and Growth ; G2 - Financial Institutions and Services ; G3 - Corporate Finance and Governance ; O1 - Economic Development ; O3 - Technological Change; Research and Development ; O4 - Economic Growth and Aggregate Productivity
Source:	EconStor

Persistent link: https://www.econbiz.de/10010311657