This research supports the view that fundamental changes are underway in our economy. What’s So Special about this Capital? While it is interesting to note that trend productivity has picked up and that high-tech investments are the source of the acceleration, by now these are not new observations.
The long-term increase in intermediation, by facilitating the financing of ever-wider current account deficits and surpluses, has created an ever-larger class of investors who might be willing to hold cross-  3  Gross liabilities include both debt and equity claims.