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«Jonathan Haskel Imperial College Business School, CEPR, Ceriba, IZA and UK-IRC Keywords: copyright, IP, innovation, knowledge, investment, ...»

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References Ahmad, N (2004), The Treatment of Originals and Copies in the National Accounts: An Issue Paper Prepared for the December 2004 Meeting for the Advisory Expert Group on National Accounts BFI (2003), Producing the Goods? UK Film Production 1991-2001 BFI (2003), The Stats. An Overview of the film, television, video and DVD industries in the UK, 1990-2003 BPI (2010), BPI Statistical Handbook Cambridge Econometrics (2005), The Economic Impact of the UK Screen Industries Chamberlin, G., Clayton, T. and Farooqui, S. (2007), New measures of UK private sector software investment, Economic and Labour Market Review, Vol. 1, No. 5, pp17-28 Channel Four Television Corporation (2009), Report and Financial Statements 2009

Corrado, C., Goodridge, P. and Haskel, J. (2010), Constructing a Price Deflator for R&D:

Calculating the Price of Knowledge Investments as a Residual, Working Paper Corrado, C., Hulten, C. and Sichel, D. (2006), Intangible Capital and Economic Growth, NBER Working Papers 11948, National Bureau of Economic Research, Inc.

DCMS (2010), Creative Industries Economic Estimates, Full Statistical Release, available at http://www.culture.gov.uk/images/research/Creative_Industries_Economic_Estimates_Full_R elease_2.pdf Eurostat (2003), Report of the Taskforce on Entertainment, Literary and Artistic Originals, 1st Meeting of the GNI Committee, 5th-6th November 2003 Eurostat (2003), State-of-play on Entertainment, Literary and Artistic Originals, 2nd Meeting of the GNI Committee, 25th-26th March 2004

Evans, P., Khan, M. K. and Wenzell, L. (2009), Capitalising research and development:

towards the new System of National Accounts, Economic and Labour Market Review, Vol. 3, No.9, pp16-23 Galindo-Rueda, F. (2007), Developing an R&D satellite account for the UK: a preliminary analysis. Economic and Labour Market Review, Vol. 1, No. 12, pp18-29 Galindo-Rueda, F., Haskel, J. and Pesole, A. (2010), How much does the UK employ, spend and invest in design?

Haskel, J., Clayton, T., Goodridge, P., and Pesole, A. (2009), Innovation, knowledge spending and productivity growth in the UK

Hellebrandt and Davies (2008), Some issues with enterprise-level industry classification:

insights from the Business Structure Database, Vitual Microdata Laboratory Data Brief, No. 5 Spring, ONS, Newport.

Katy Long, Alex Turvey, Gavin Wallis, 2010 ”Volume of capital services: annual estimates for 1950 to 2008 and new quarterly series” Economic & Labour Market Review, vol 4, no 10, pp 132-148.

Mahajan, S. (2006), Creative Sector, 1992-2004, Extract taken from United Kingdom InputOutput Analyses, 2006 edition, available at www.statistics.gov.uk/cci/article.asp?ID=1622&Pos=9&ColRank=1&Rank=1 Moylan, C. A. And Robbins, C. E. (2007), Research and development satellite account update: estimates for 1959-2004, Survey of Current Business OECD (2006), National Accounts of OECD countries. Volume II, Detailed tables OECD (2010), Handbook on Deriving Capital Measures of Intellectual Property Products OFCOM (2010), Public Service Broadcasting: Annual Report 2010 OFCOM (2010), Communications Market Report, 2010 ONS (1998), National Accounts concepts, sources and methods

ONS (2002). IoS Documentation, available at:

http://www.statistics.gov.uk/iosmethodology ONS (2009), International Transactions of the UK film and television industries, Press Release Oxford Economics (2010), The Economic Impact of the UK film Industry Romer, P. M. (1990), Endogenous Technological Change, Journal of Political Economy, Vol.

98:5 (October), Part 2: S71-S102 Soloveichik, R. (2009), Music as a Capital Asset, Working Paper Soloveichik, R. (2009), Theatrical Movies as a Capital Asset, Working Paper Soloveichik, R. (2010), Artistic Originals as a Capital Asset, Working Paper UK Film Council (2009), Statistical Yearbook, 2009 United Nations (1993), System of National Accounts 1993 United Nations (2008), System of National Accounts 2008 WIPO (2003), Guide on Surveying the Economic Contribution of the Copyright-Based Industries, available at www.wipo.int/copyright/en/publications/pdf/copyright_pub_893.pdf Appendix 1: Investment in ‘Valuables’ The term ‘Artistic Originals’ immediately leads one to think of the creation of fine art. But Eurostat explicitly recommend the exclusion of such items, because of the presence of ‘valuables’ elsewhere within in the Accounts. The following section outlines why we feel that such exclusion is unnecessary when considering GFCF in Artistic Originals.

The fourth criterion suggested by the Eurostat Taskforce refers to a transaction item already recorded in the National Accounts within Gross Capital Formation (GCF), termed ‘acquisitions less disposals of valuables’. Note that GCF differs from GFCF, since the latter

refers only to productive fixed capital:

GCF = GFCF + Δ inventories + Δ valuables

Net expenditures on valuables are recorded as a specific form of investment since they are expenditures on items to be held as stores of value, for appreciation and also for diversification. However, they are not recorded as fixed investment (GFCF) since they are not an input to production. Therefore provided the data on valuables correctly pertains to alternatives to financial assets, and data on GFCF correctly pertains to fixed productive assets, it should be possible to avoid double-counting. The following chart presents a current price aggregate series for changes in valuables as recorded in the Input-Output tables. The data only refer to the following product types: ‘Motor Vehicles’, ‘Furniture’, ‘Jewellery and related products’ and ‘Retail Distribution. As can be seen, the values are typically relatively small, but are volatile, presumably because such assets tend to be held rather than frequently bought or sold.





Figure A1.1: Input-Output, Acquisitions less disposables of valuables, CP £mns

-100

-200

-300

-400

-500 Note to figure: The above series is taken from the Input-Output Tables. It applies to all industries and the products within are: Motor Vehicles, Furniture, Jewellery and related products and Retail Distribution.

A chain volume measure (CVM) for insurance and pension funds is also shown below. As can be seen zero values are common. We have been unable to locate any other CVM series.

It is not clear whether this is the only CVM series produced or whether there is also a higher aggregate available.

Figure A1.2: Chain Volume Measure, Acquisitions less disposal of valuables, (£mns, real)

-50

-100

–  –  –

-200

-250

-300

-350

-400 Eurostat has taken the view that product types that are included in ‘valuables’ should be excluded from artistic originals. The following discussion examines whether this is the

correct treatment. According to the OECD (OECD, 2006):

“Valuables are produced assets that are not used primarily for production or consumption, that are expected to appreciate or at least not to decline in real value, that do not deteriorate over time under normal conditions and that are acquired and held primarily as stores of value”.

The SNA (System of National Accounts, 2008) states that valuables include, but are not restricted to: precious metals and stones, antiques and other art objects. However, not all such items should be recorded - the intent is to capture investment in alternatives to financial assets (transaction margins are also included). This can include investment by Households.

So:

- Precious metals and stones: should be treated as valuables when they are not being held for sale or used as an input to production, and are not held as monetary gold or a financial asset

- Antiques and other art: should be treated as valuables when they are not held for sale. Therefore in principle this means museum exhibits should be classed as ‘valuables’

- Other: could include collections of stamps, coins, china, books, jewellery However, just because an asset is later bought and held for its inherent value, that does not necessarily mean we should not count the original investment as GFCF in artistic originals, or if we are measuring from the revenues side, the income earned by the asset before it was sold.

For instance, if an insurance company (or in principle a household or any other organisation) purchases the asset from the original artist, then that should be treated as negative capital formation for the artist (or original owner) and positive capital formation for the purchaser.

At no point has the investment been counted twice.

Note that the SNA allows for the inclusion of book collections within ‘valuables’ even though these will already have been capitalised as literary originals. This is important: the ‘valuable’ in this example is a collection of copies. The purchaser has not bought the right to future revenues from the exploitation of the IPR. For example, say that an investor has decided to purchase a copy of the very first print of a new original, because they expect it to either maintain its value in the long-term, or to achieve a capital gain. The purchase does not mean that we should exclude the investment made by the author and publisher in the creation of that original. Likewise for a piece of fine art, the purchase does not mean that we should exclude the revenues earned (in the upstream, paid by the downstream) from copies of the image in the valuation of the original investment.

In estimating GFCF in artistic originals, we are seeking to measure investment in assets that are part of the productive capital stock. That is assets that can be exploited by the owner to generate value-added. But still the above point remains. If an asset is produced, but then sold to an owner that intends to hold it as a store of value rather than employ it as productive capital, the transaction should be recorded as negative GFCF for the innovator and positive acquisition of valuables and therefore GCF 51 for the new owner. If the asset is not sold for this purpose, then it remains positive GFCF for the innovator (the new owner), and part of the productive capital stock. Based on the above reasoning and the composition of the series itself including the product types and industries for which they are included, the potential for double-counting between ‘artistic originals’ and ‘valuables’ seems limited, and the Taskforce recommendation appears somewhat flawed.

Appendix 2: Additional data according to the SIC

1. Film: A proxy of GFCF based on industry aggregates Note again the conceptual difference between investment in productive capital (GFCF) and investment in monetary alternatives (GCF).

Using the framework set out in Figure 4, the following charts present data for the aggregates of various components that need to be considered when estimating GFCF in Film Originals.

In SIC(2003), “Motion picture and Video Activities” (SIC 92.1) is made up of three components: a) production b) distribution and c) projection, where distribution refers to the licensing of projection and broadcasting rights by studios. The output data needs to be adjusted for international trade to reflect UK asset creation. Therefore the following charts present data on international payments and receipts in the film industry. The data is a mix of asset sales and licence payments and is taken from the Film and Television (FTV) 52 survey, an input to the National Accounts. The data show exports from the UK film industry of £1.0bn, and a positive trade balance of £0.13bn in 2007. Exports and imports are made up of two components: 1) Royalties 2) Production payments.

–  –  –

Note to figure: Data are from the ONS Film & Television Survey. Data does not include payment for “other services”, defined to include merchandise, and management and agency fees. Transactions data are a mix of licence payments and outright sales, although a split is available for years 2005-6. UK branches and subsidiaries of foreign enterprises are included, but foreign subsidiaries of UK enterprises are not. UK profits from foreign subsidiaries are included within “Investment Income” in the Balance of Payments. Payments/receipts include both outright sales and rental fees.

As can be seen, although trade in Royalties in 2008 was larger than trade in production, in general the UK’s positive trade balance has been largely due to fees for production.

Since 2008, the FTV survey has been incorporated into International Trade in Services (ITIS) However, there is an issue with the data termed ‘royalties’ in that it is composed of both outright purchases/sales, P(N)N, as well as rental payments, P(R)R. We do have some data for 2005-6 that split royalties into sales and rentals. Unfortunately the split in each year is very different.

Table A2.1: Royalties, Rentals.

vs. Asset Sales

–  –  –

The FTV release also splits the UK data into those for UK subsidiaries of US companies and other UK firms. These data are shown below. As can be seen, the split is volatile but since 2004 much of the growth in the UK trade balance has come from increased net payments to UK subsidiaries of major US companies.

Figure A2.2: International Trade: UK subsidiaries.

vs. Other (£mns)

–  –  –

Note to figure: The export split for 2005 is disclosive. Therefore 2005 data presented above is imputed as a straight line between 2004 and 2006. Export data for 2008 are also disclosive and not presented here. Data does not include payment for “other services”, defined to include merchandise, and management and agency fees. Some data on international payments and receipts for ‘other services’ are available, however the data for imports are generally disclosive so we are unable to present them here. Transactions data are a mix of licence payments and outright sales, although a split is available for years 2005-6. UK branches and subsidiaries of foreign enterprises are included, but foreign subsidiaries of UK enterprises are not. UK profits from foreign subsidiaries can be found under “Investment Income” in the Balance of Payments. Payments/receipts include both outright sales and rental fees.



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