Bank Lending in the Knowledge Economy
| Autor: | Dalida Kadyrzhanova, Camelia Minoiu, Giovanni Dell'Ariccia, Lev Ratnovski |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
050208 finance Collateral Knowledge economy 05 social sciences Real estate Monetary economics Investment (macroeconomics) Market liquidity Loan Accounting Capital (economics) 0502 economics and business General Earth and Planetary Sciences Portfolio Balance sheet Business 050207 economics Finance 050205 econometrics General Environmental Science |
| Zdroj: | Finance and Economics Discussion Series. 2020 |
| ISSN: | 1936-2854 |
| Popis: | We study the composition of bank loan portfolios during the transition of the real sector to a knowledge economy where firms increasingly use intangible capital. Exploiting heterogeneity in bank exposure to the compositional shift from tangible to intangible capital, we show that exposed banks curtail commercial lending and reallocate lending to other assets, such as mortgages. We estimate that the substantial growth in intangible capital since the mid-1980s explains around 30% of the secular decline in the share of commercial lending in banks’ loan portfolios. We provide suggestive evidence that this reallocation increased the riskiness of banks’ mortgage lending. |
| Databáze: | OpenAIRE |
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