I would like to thank Tobias Etzel, Paul Grau, Rachel Hand, Maria Lebedeva, and Lui-Hsian Wong for their most helpful comments and inputs to an earlier draft. Any remaining errors and inconsistencies are my own. 2. See Droll and Minto (2022) on the role of law and regulation in shaping technological trends in post-trading, including the use of blockchains. 3.
While the sectoral composition of business investment is uneven, the overall growth of investment has been very solid, with a rise of 6 per cent in the first half of 2011. Overall, private demand is rising solidly, and taking the place of public spending, which is now growing more slowly as earlier fiscal stimulus is unwound.