INTELLECTUAL PROPERTY AS A CATALYST FOR ECONOMIC RECOVERY OF UKRAINE DURING THE WAR AND POST-WAR PERIOD

Abstract

The paper provides comprehensive analysis of the nature, significance, and economic functions of intellectual property in the modern post-industrial economy, as well as the role of the intellectual property market in ensuring the accelerated recovery of the Ukrainian economy during the war and in the post-war period. The author substantiates the importance of intellectual property in stimulating technological modernization of production. Key economic functions of intellectual property are analyzed including stimulation function, allocation function, institutional function and innovative function which implies that introduction of intellectual property in commercial activity promotes technological renewal of production, as well as economic profit generation through the creation and sale of innovative products. The dynamics of development of the intellectual property sector in Ukraine in the pre-war period and during the full-scale war is analyzed. The author shows that due to a certain stabilization of the macroeconomic situation in Ukraine in the second year of the full-scale war, the number of applications for registration of intellectual property objects in 2023 increased by 47.57% on average compared to 2022. An econometric model has been developed that proved the positive impact of the development of intellectual property on the GDP growth rate. The results of the regression analysis showed that the development of the intellectual property market in Ukraine during the war could provide 2.4% of annual GDP growth, i.e. about half of last year's GDP growth in Ukraine. This allows us to reasonably consider the intellectual property market as a catalyst for the recovery of Ukraine's economy during the war and in the post-war period. The main channels of influence of intellectual property on the economic recovery of Ukraine are identified including the multiplier effect of investments in intellectual capital on the country's GDP due to secondary investment expenditures; innovative modernization of production through expanded reproduction of intellectual capital; formation of the global competitiveness of national economy through export of innovative products.