Seminar “Intangible Assets and Information and Communication Capital”
On March 17, this seminar was held online. In today's economy, intangible assets surround us and their role cannot be overlooked. What is the quantitative assessment of the contribution of intangible assets to economic growth? Studies in a number of developed economies show that the share of intangible assets in GDP is significant. The return on intangible assets is comparable to the contribution of traditional capital
The seminar assessed the contribution of intangible assets to the growth of the Russian economy.To assess this, two approaches were used: the 2008 SNA and the expanded interpretation proposed by Corrado, Halten and Sichel (Corrado et al., 2005). The extended interpretation assumes accounting for the number of intangible assets that are not included in the 2008 SNA asset classification. In both approaches, for the valuation of intangible assets, Russia KLEMS data were used.
These estimates confirmed the importance of intangible assets for Russian economic growth, especially in the extended list of assets. There are a number of peculiarities in this in terms of intangible assets and their structure, leading to a growth pattern that differs from OECD countries.
Within the 2008 SNA, the contribution of intangible assets to the growth 2004-2014 was 0.02 p.p. out of 3.25%. In the expanded interpretation of Corrado, Halten and Sichel, the contribution of intangible assets was 0.28 p.p. out of 2.92%.
In Russia, the largest shares of investment are the introduction of technology in production and the demand for specific human capital. In OECD countries, the most significant share of investment is in R&D. This low share of investment in R&D characterizes Russian growth as catching up and adaptive.