Intellectual property: an instrument to achieve the budget deficit target

• Author: Gabor, S.
• Position: PhD. Student, Lucian Blaga University of Sibiu
• Pages: 127-132

Bulletin of the Transilvania University of Braşov • Vol. 6 (55) •No. 1 - 2013

Series V: Economic Sciences

INTELLECTUAL PROPERTY: AN

INSTRUMENT TO ACHIEVE THE BUDGET

DEFICIT TARGET

Simona GABOR

1

Abstract: The latest Commission Con vergence Report about the progress

made by the Member States in fulfilling their ob ligations regar ding the

achievement of economic and monetary union highlights tha t Romania does

not fulfil the conditions for the a doption of the eur o. Further more, Romania

is at present the subject of Council Decision o n the existence of a n excessive

deficit. The aim of this paper is to point out the weight of Intellectua l

Proper ty in achieving economic gr owth and, consequently, its role in

decreasing the national budget d eficit. Analysing the information in the field,

we conclude that Intellectu al Pr operty is a crucia l contributor to economic

growth and competitiveness, especially in fields of technology.

Key words: convergence cr iteria, intellectual pro perty, economic gr owth,

budget deficit.

1 PhD. Student, Lucian Blaga University of Sibiu.

1. Introduction

Nowadays, the euro is not the currency

of all EU Member States. Before a

Member State can adopt the euro, it must

meet certain conditions. These conditions,

also known as ”convergence criteria” (or

“Maastricht criteria”), are formally defined

as a set of macroeconomic indicators

which include: price stability, to show that

inflation is controlled; soundness and

sustainability of public finances, through

limits on government borrowing and

national debt to avoid excessive deficit;

exchange-rate stability and long-term

interest rates. Besides, the economic

convergence criteria are designed to ensure

that a Member State’s economy is

sufficiently prepared for the adoption of

the single currency and can integrate

smoothly into the monetary regime of the

euro area.

Literature reveals that intellectual

property (IP) has an important role in

economy. Moreover, IP is regarded as a

crucial contributor to economic growth and

competitiveness, especially in fields of

technology. [3] Based on these

considerations, we aim to analyze the

issues related to the fulfilment of

Romania’s budget deficit through the

efficient use of IP rights (IPRs), which

enhance national economy.

2. Economic Approaches of Intellectual

Property Rights

Intellectual property is the primary

resource for value creation in almost all

industries. It has come to hold a very

important status in society and in our lives.