The Impact of Standards and Patents on Economic Growth in Western Balkan Countries

Edmira Cakrani – Faculty of Economy, Canadian Institute of Technology, Xhanfize Keko Street 12, 1040, Tirana, Albania

Enriko Ceko – Faculty of Economy, Canadian Institute of Technology, Xhanfize Keko Street 12, 1040, Tirana, Albania

Abstract: Standards are documents that determine the rules and establish conditions for the production of products, the offering of services, the man­agement of processes, etc. Since the standards are formulated by consensus, the application of the standards by businesses and organizations is impor­tant because they are considered guarantors of quality. Businesses that ap­ply international standards have a competitive advantage and offer great­er value to their consumers.

Patents are exclusive rights granted to an innovation, which provide inves­tors with protection of their intellectual property. The number of patents in a country is an indicator of the technological development of that country. It can influence economic growth, by encouraging investments in research and development, promoting competition and innovations, facilitating knowledge spillovers, etc.

The purpose of this research paper is to analyze the possible relationship be­tween international ISO standards, patents, and economic growth in 5 West­ern Balkan countries. Panel data, for the period 2013-2021 is used to investi­gate this relationship. In addition to the number of standards, in the model are included other variables, such as gross capital formation, employment level, and innovation index as a proxy for the patents. The Hausman test suggests that the appropriate model is the fixed effects model. There is little research that investigates the impact of standards and patents on econom­ic growth. This paper complements the literature on this topic.

LIMEN Conference

9th International Scientific-Business Conference – LIMEN 2023 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – SELECTED PAPERS, Hybrid (Graz University of Technology, Graz, Austria), December 7, 2023

LIMEN Selected papers published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia

LIMEN Conference 2023 Selected papers: ISBN 978-86-80194-79-0, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.S.P.2023

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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