Protection of Intellectual Property Rights, Financial Development and Green Low-Carbon Endogenous Economic Growth

This paper considers the protection of intellectual property rights and financial development in the green low-carbon endogenous economic growth model, and also considers the total financing scale of the firms in the financial development sector, the transformation ability of the R&D sector to t...

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Bibliographic Details
Published in:Sustainability 2022-10, Vol.14 (20), p.13029
Main Authors: Zhu, Yuan, Wan, Bingyue, Tian, Lixin
Format: Article
Language:English
Subjects:
Carbon
Coefficient of friction
Developed countries
Developing countries
Economic aspects
Economic development
Economic growth
Economic research
Efficiency
Emissions
Energy consumption
Energy efficiency
Energy industry
Energy management systems
Environmental quality
Foreign investment
Government subsidies
Green technology
Growth models
Growth rate
Household utilities
Human capital
Innovations
Intellectual property
LDCs
Production functions
Profit maximization
Property rights
R&D
Renewable resources
Research & development
Social capital
Sustainability
Sustainable development
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Summary:This paper considers the protection of intellectual property rights and financial development in the green low-carbon endogenous economic growth model, and also considers the total financing scale of the firms in the financial development sector, the transformation ability of the R&D sector to the advanced technology of developed countries, and the intensity of intellectual property protection, which gives the household utility function to a household. After maximizing the utility function, this paper analyzes the economic growth rate and mainly finds that the economic growth rate increases with the increase of technological transformation capacity parameters, two kinds of production efficiency parameters, and the total financing scale of the firms, and in addition it decreases with the increase of the technical level of developing countries relative to developed countries. Then, considering the improvement degree of intermediate goods, R&D efficiency and financial frictional coefficient, the relationship between it and the economic growth rate is obtained. This paper finds that the economic growth rate increases with the increase of the degree of improvement; R&D efficiency parameter; the probability that any R&D project can bring positive returns; technical level; the investment in reducing carbon emissions; the amount of energy invested in the final goods production sector; and it decreases with the increase of the financial frictional coefficient.
ISSN:2071-1050
2071-1050
DOI:10.3390/su142013029