‘Intangibles’ may be adding to long-run rate decline – BoE’s Haskel

The growing importance of intangible capital could be a factor in weak investment and the persistent decline of long-run rates in advanced economies, Jonathan Haskel said on February 11.

“Intangibles”, such as software or research, are increasingly taking the place of physical capital in modern economies, the Bank of England monetary policy committee member said during remarks at the University of Nottingham.

But loans cannot easily be secured against software, making it riskier for lenders to

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