This paper uses a new cross-country cross-industry dataset on investment in tangible and intangible assets for 18 European countries and the US.  We set out a framework for measuring intangible investment and capital stocks and their effect on output, inputs and total factor productivity. The analysis provides evidence on the diffusion of intangible investment across Europe and the US over the years 2000-2013 and offers growth accounting evidence before and after the Great Recession in 2008-2009. Our major findings are the following. First, tangible investment fell massively during the Great Recession and has hardly recovered, whereas intangible investment has been relatively resilient and recovered fast in the US but lagged behind in the EU. Second, the sources of growth analysis including only national account intangibles (software, R&D, mineral exploration and artistic originals), suggest that capital deepening is the main driver of growth, with tangibles and intangibles accounting for 80% and 20% in the EU while both account for 50% in the US, over 2000-2013. Extending the asset boundary to the intangible assets not included in the national accounts (Corrado, Hulten and Sichel (2005)) makes capital deepening increase. The contribution of tangibles is reduced both in the EU and the US (60% and 40% respectively) while intangibles account for a larger share (40% in EU and 60% in the US). Then, our analysis shows that since the Great Recession, the slowdown in labour productivity growth has been driven by a decline in TFP growth with relatively a minor role for tangible and intangible capital. Finally, we document a significant correlation between stricter employment protection rules and less government investment in R&D, and a lower ratio of intangible to tangible investment.

Asian Infrastructure Investment Bank’s president Mr. Jin Liqun shares with JIPD Editor-in-Chief, Dr. Gu Qingyang, his passion for infrastructure finance, as he reflects upon his goal of steering an environmentally friend and corruption-free AIIB toward building social-impacting infrastructure across Asia.
From governmental departments to international financial institutes, Mr. Jin Liqun has undertaken almost every essential role in finance. With his vast experience across the private and public sectors, particularly in multilateral development banks, Mr. Jin Liqun currently serves as Asian Infrastructure Investment Bank (AIIB)’s first President since its founding in 2016, following a stint as Secretary-General of the Multilateral Interim Secretariat created to establish the bank. Beginning from his two decades of governmental experience at the Chinese Ministry of Finance, rising from the rank of Deputy Director General to Vice Minister, Mr. Jin was then called to serve as Vice President, and then Ranking Vice President, of the Asian Development Bank, and later as Alternate Executive Director for China at the World Bank and at the Global Environment Facility. Mr. Jin had also served as Chairman of China International Capital Corporation Ltd., China’s first joint-venture investment bank, in addition to serving as Chairman of the Supervisory Board of the sovereign wealth fund China Investment Corporation and as Chairman of the International Forum of Sovereign Wealth Funds.

Synthesis of macro-mesoporous Titania (Titanium dioxide-TiO₂) nanospheres was successfully achieved using a modified template-free methodology to incorporate macroporous channels into a mesoporous TiO₂ framework to form mixed macro-mesoporous TiO₂ spheres (MMPT), which were doped with carbon dots (C-dots) to form improved nanocomposites (C-dots@MMPT). Elemental composition, surface bonding and optical properties of these nanocomposites were characterized by X-ray diffraction (XRD), Fourier transforms infrared spectroscopy (FTIR) and ultraviolet-visible absorption spectroscopy (UV-VIS). Evaluation of photocatalytic activity for each (C-Dots@MMPT) sample was performed via degrading the Methylene Blue (MB) dye compared with bare samples (MMPT) under visible light irradiation using 300 Watt halogen lamp.

Nanotransformations of a blanket at the fair dimensional combined processing with imposing of electric field the tool in the form of untied metal granules are considered. An object of researches are the figurine details applied in aviation, the missile and space equipment and in the oil and gas industry: driving wheels and a flowing part of cases of turbo-pump units, screws, krylchatka where there are sites of variable curvature with limited access of the tool in a processing zone.It is shown that the combination in the combined process of two-component technological environments of current carrying granules and the electroconductive liquid environment given with a high speed to a processing zone allows to receive the required quality of a blanket; action of electric field from a source with the increased tension allows to create at fair dimensional processingthe required peening from blows of firm granules. It gives the chance to raise a resource and durability of responsible knots of the aerospace equipment and oil and gas equipment, to expand the field of use of the combined processing with untied granules on a detailwith the sitesnot available to processing by a profile electrode.

The biomass of three dominant mangrove species (Sonneratia apetala, Avicennia alba and Excoecaria agallocha) in the Indian Sundarbans, the designated World Heritage Site was evaluated to understand whether the biomass vary with spatial locations (western region vs. central region) and with seasons (pre-monsoon, monsoon and post-monsoon). The reasons for selecting these two regions and seasons are the contrasting variation in salinity. Among the three studied species, Sonneratia apetala showed the maximum biomass followed by Avicennia alba and Excoecaria agallocha. We also observed that the biomass varied significantly with spatial locations (p<0.05), but not with seasons. The variation may be attributed to different environmental conditions to which these forest patches are exposed to.

To increase inter-region connectivity, the Indonesian government initiated infrastructure projects such as toll roads, airport, highways, as well as agriculture ones throughout the countries. One of the big projects in road infrastructure was the Cikampek–Palimanan (Cipali) toll road in West Java with a budget of more than USD1 billion which started to operate in July 2015. This paper is aimed to evaluate the impact of the toll road on accessibilities, trades, and investments in the region it traverses. To carry out the analysis, we used qualitative approach, difference-in-difference approach, and ANOVA, utilizing three kinds of data. The first data is collected from a survey of 331 small-medium enterprises (SMEs) in the logistics and the hotel and restaurant industries. The second one is bank loan data sourced from Bank Indonesia, while the third one is investment data from Investment Coordinating Board of Indonesia (BKPM).
After two years of its operation, Cipali toll road has increased accessibility, mobility, trade, and investment in the region it traverses. The travel time was reduced by 39%, while the cargo volume of the local businesses increased by 30% to 40%. These led to an improvement of wholesale trade volume in almost all regencies. However, SMEs in the hotel and restaurant industry along the traditional northern coastal highway in Subang, Indramayu, and Brebes experienced a decline due to the traffic shifting. Meanwhile, investments from national companies especially those of labor-intensive manufacturing industries flowed significantly especially to Subang and Majalengka, which reflected a “sorting effect”. However, investments from local and foreign businesses did not increase significantly yet after 2.5 years of toll operation.
To reap the benefit from the presence of Cipali toll road, the local governments should improve the ease of doing business to attract investments that boost employment in return. In addition, given a better accessibility from Greater Jakarta and a large number of potential visitors passing through the toll road, local businesses in the trade sector would benefit if they could promote the local attractions such as in tourism activities supported by the local government. The latter strategy should also be implemented by the local governments and local businesses in the northern coastal traditional route to minimize the negative impact of the toll road due to the traffic shifting. This strategy should be strengthened through increasing connectivity from the toll exits to local business areas and through increasing the ease of doing business.