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Ivie
VALENCIAN INSTITUTE OF ECONOMIC RESEARCH

Intangible assets

Given the growing importance of activities based on knowledge in the economic development of the most advanced countries, investment on intangibles assets (the Information and communications technology (ICT), research and development (R&D), innovation, design, creativity, image and brand, organization and specific human capital training) are assets in which investment is needed to modernize and strengthen the productive structure of a country..

In 2013, the Ivie initiated a line of research on the presence of intangibles in the Spanish economy. With the support of the Telefónica Foundation, the Ivie developed a database that offers data on the value of investment in intangible assets and its capitalization for the period 1995 to 2011. Subsequently, the initial work has been expanded with a new database, financed by the Cotec Foundation for Innovation through its open innovation program (PIA), which includes a new series with data on investment in intangible assets at national level for the period 1995-2014 and, for the first time, it also offers data on intangible investment by autonomous communities..

Both projects follow the international methodology widely accepted by the majority of countries (see the published work by Carol Corrado, Charles Hulten and Daniel Sichel in National Bureau of Economic Research 2005, Measuring Capital and Technology: An Expanded Framework) and are clearly in line with the INTAN-Invest initiative that calculates intangible investment for a group of European countries and the SPINTAN project that analyses public sector intangibles.

National database (1995-2011)

The Telefónica Foundation and the Ivie has developed the following study on intangible assets for: Activos intangibles: una inversión necesaria para el crecimiento económico en España [Intangible assets: a required investment for economic growth in Spain]. This study offers the first annual database of the value of investment in intangible assets and its capitalization for the period 1995 to 2011 for the whole Spanish economy. One of its most outstanding features is the wide level of sectoral disaggregation (24 sectors, NACE Rev.2).

The intangible assets used in the database are the following:

  1. Computerized information
  2. Innovative property
    1. R&D
    2. Mineral exploration and spending on the production of entertainment and artistic originals
    3. New products/systems in financial services
    4. Design and other new products/systems
  3. Economic competencies
    1. Advertising
    2. Market research
    3. Employer-provided training
    4. Organizational capital

Variables

  • Investment in intangible assets
    • Nominal intangible investment by asset type and sector (thousands of current euros) (PcAxis)
    • Real intangible investment by asset type and sector (thousands of constant euros in 2005) (PcAxis)
    • Real annual rate variation (Törnqvist) of intangible investment by asset type and sector (percentage) (PcAxis)
  • Endowment of intangible assets
    • Nominal accumulated endowment by asset type and sector (thousands of current euros) (PcAxis)
    • Real accumulated endowment by asset type and sector (thousands of constant euros in 2005) (PcAxis)
    • Real annual rate variation (Törnqvist) of accumulated endowment by asset type and sector (percentage) (PcAxis)

The complete database (investment and endowment) is available in the following Excel file

The results of this study can be seen in greater detail in the book, Activos intangibles: una inversión necesaria para el crecimiento económico en España [Intangible assets: a required investment for economic growth in Spain], where the most relevant literature on the problems of measurement of intangible assets is reviewed. Also, the main results of allocations of intangible assets in Spain are discussed and compared internationally.

More information

This publication and dataset was presented in the context of the panel discussion Intangible Assets. A necessary condition for economic growth in Spain held on June 10th, 2015 in the Espacio Fundación Telefónica. The session was addressed by Emilio Ontiveros, Iñigo Parra and Javier Quesada and was moderated by Matilde Mas.

Video of the presentation of the project

Download presentation

How to cite this database

Telefónica Foundation-Ivie (Instituto Valenciano de Investigaciones Económicas). Activos intangibles. June 2015. Database available at: http://www.ivie.es/es/banco/activos-intangibles.php

Database for Spain and its autonomous communities (1995-2014)

The database Inversión en activos intangibles más allá del PIB en España y sus regiones, developed by the Ivie in collaboration with the Cotec Foundation for Innovation, offers information on the gross fixed capital formation (GFCF) in intangible assets in Spain and its autonomous communities by sectors. Data is available for the period 1995-2014, in both current and constant euros for 2010.

The database offers a sectoral breakdown of 27 sectors according to the NACE 2009. The intangible assets are organised into two main groups: those already included in GDP (considered investment by the European System of Accounts, ESA, 2010), referred to as AIPIB, and those not yet included in the national accounts which are grouped under the name AIMAPIB (intangible assets “beyond GDP”). These two major groups are classified in nine individual intangible assets:

  1. Computerised information (software and databases)
  2. Innovative property
    1. R&D
    2. Mineral exploration and entertainment and artistic originals
    3. Design and other new products/systems
  3. Economic competencies
    1. Advertising
    2. Market research
    3. Firm-specific resources (employer-provided training)
    4. Organizational structure
      1. Acquired organizational structure
      2. Own organizational structure

Note: The intangible assets included in the GDP (AIPIB) are highlighted in bold, the rest are intangible assets beyond GDP (AIMAPIB)

The information gathered in this database has been used to develop the study La economía intangible en España. Evolución y distribución por territorios y sectores (1995-2014).

The complete database is available free of charge and can be downloaded from the Cotec Foundation for Innovation website..

How to cite this database

Cotec Foundation for Innovation-Ivie (Instituto Valenciano de Investigaciones Económicas). Economía intangible España. April 2017. Database available at: http://informecotec.es/activos-intangibles/

More information

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