| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12994 |
| DP12994 Bank Lending in the Knowledge Economy | |
| Giovanni Dell'Ariccia; Lev Ratnovski | |
| 发表日期 | 2018-06-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms increasingly use intangible assets. We show that higher corporate investment in intangible assets slows down banks' commercial lending. Banks reallocate the resulting lending capacity to other assets, notably mortgages. The findings are consistent with financial intermediation frictions due to lower collateral value of corporate intangible assets. Additional tests rule out alternative explanations such as higher mortgage demand. We estimate that higher corporate intangible assets conservatively explain 25-40% of the decline in bank commercial lending since the mid-1980s. |
| 主题 | Financial Economics |
| 关键词 | Corporate intangible assets Bank lending Commercial loans Real estate loans |
| URL | https://cepr.org/publications/dp12994 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541802 |
| 推荐引用方式 GB/T 7714 | Giovanni Dell'Ariccia,Lev Ratnovski. DP12994 Bank Lending in the Knowledge Economy. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
