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Investment in intangible assets in the euro area

Author

Listed:
  • Andersson, Malin
  • Saiz, Lorena

Abstract

This box reviews the characteristics of intangible assets and looks at a number of implications of their increasing importance. It finds that investment in intangible assets has increased in importance in the euro area, both in absolute terms and relative to tangible assets. Investment in intangibles enables productivity gains and can explain part of the gap between firms' investment in tangible assets and Tobin's Q. At the same time, the specific nature of intangible assets poses challenges as regards the measurement of activity, profits and capital stock, as well as making it less easy to use those assets as collateral. JEL Classification: D25, E22

Suggested Citation

  • Andersson, Malin & Saiz, Lorena, 2018. "Investment in intangible assets in the euro area," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2018:0007:3
    Note: 427284
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_03.en.html
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    Citations

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    Cited by:

    1. Darya Dancaková & Jakub Sopko & Jozef Glova & Alena Andrejovská, 2022. "The Impact of Intangible Assets on the Market Value of Companies: Cross-Sector Evidence," Mathematics, MDPI, vol. 10(20), pages 1-14, October.
    2. Anderton, Robert & Jarvis, Valerie & Labhard, Vincent & Morgan, Julian & Petroulakis, Filippos & Vivian, Lara, 2020. "Virtually everywhere? Digitalisation and the euro area and EU economies," Occasional Paper Series 244, European Central Bank.

    More about this item

    Keywords

    intangibles; investment in intangible assets;

    JEL classification:

    • D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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