国际清算银行-创新融合（英）-2023.7-49页_345kb

Innovation Convergence in Patenting: A Summary

Introduction and Main Findings

The paper examines convergence in innovation, measured by patenting rates, citations, and efficiency (patents per worker), across 32 countries and 20 manufacturing industries from 1976 to 2006. It finds robust evidence of convergence within countries and across industries, as well as across countries within specific industries. Patenting outcomes, including quantity and quality, converge over time, driven by factors such as financial development, financial openness, and institutional quality.

• Convergence is observed in aggregate patents, citations, and patents per worker.
• Financial enhancements, such as higher bank credit, market capitalization, trade openness, and institutional quality, accelerate convergence.
• International financial integration (e.g., FDI, portfolio equity) and supportive financial policies (e.g., reduced regulation) also strengthen the convergence process.

Methodology

The analysis uses annual patent data aggregated into non-overlapping 5-year periods, employing regression models with fixed effects to control for country, industry, and time-specific factors. Robustness tests confirm convergence across various sub-samples, specifications, and time periods, including extensions to 2020 at the country level.

Conclusion

The results highlight that financial development and institutions are crucial for innovation convergence, contributing to sustained long-term growth. Convergence suggests emerging economies are increasingly contributing to global innovation, potentially enhancing worldwide productivity and growth, though further policy actions could facilitate this process.

• Convergence is broad-based and persistent.
• Financial policies play a key role in amplifying convergence speed.
• The findings support policies promoting financial liberalization and institutional strengthening to foster innovation.