rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external … aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the …-intense economy, the ability of firms to purchase intangible capital using retained earnings is impaired by low interest rates …

liability side. The endogenously determined asset portfolio and capital structure interact to support credit extension, as well … as to provide liquidity and risk-sharing services to the real economy. Our modifications create wedges in the asset and … joint implementation of a capital and a liquidity regulation …