Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability
研究了经济向无形资本转型如何导致企业储蓄过剩、金融中介杠杆上升和资产价格泡沫，并最终积累金融风险。
The transition toward an intangible-intensive economy reshapes financial systems by creating a self-perpetuating savings glut in the production sector. As intangibles become increasingly important, firms hoard liquidity to finance investment in intangibles of limited pledgeability. Firms’ savings feed cheap leverage to financial intermediaries and allow intermediaries to bid up asset prices, which in turn encourages firms to save more for asset creation. This paper develops a macrofinance model that offers a coherent account of rising corporate savings, debt-fueled growth of intermediaries, declining interest rates, and rising asset valuation. Along these secular trends, endogenous financial risk accumulates.