Bank Lending in the Knowledge Economy

• 成果类型: Article
• 署名作者: Dell'Ariccia, Giovanni; Kadyrzhanova, Dalida; Minoiu, Camelia; Ratnovski, Lev
• 署名单位: International Monetary Fund; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors; European Central Bank
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa144
• 发表日期: 2021
• 页码: 5036
• 关键词: liquidity shocks evidence; firm-level evidence; Debt maturity; SUPPLY EVIDENCE; INVESTMENT; finance; GROWTH; INFORMATION; INNOVATION; MARKETS

摘要

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.