Does the Increase in the Number of Registered Patents Affect Economic Growth? - Evidence from Romania and Bulgaria
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The goal of this paper is to determine whether the increase in the number of registered patents per million inhabitants, as a measure of market verification of the results of R&D activities, affects economic growth and the increase in the country's innovation index. The empirical research covered two countries - Romania and Bulgaria. Given that the main task in the research was to accurately measure the investigated phenomena and discover the connection between them, the analysis was based on a quantitative research design. The analysis used secondary data from the international databases of the World Bank and World Intellectual Property Organization, covering the period from 2008 to 2018. The results of the empirical research showed that no correlations were found, which means that in the cases of Romania and Bulgaria, there is no dependence between the increase in the number of registered patents per million inhabitants and the growth of the innovation index and GDP per capita.
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