| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14956 |
| DP14956 Liquidity Creation, Investment, and Growth | |
| Robin Döttling; Thomas Lambert; Mathijs Van Dijk | |
| 发表日期 | 2020-06-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Liquidity creation (the transformation of liquid liabilities into illiquid assets) is a key function of banks. We show that liquidity creation is positively associated with economic growth at both country and industry levels. In particular, liquidity creation helps growth by boosting tangible, but not intangible investment. Our results suggest an important non-linearity; liquidity creation does not contribute to growth in countries with a higher share of industries relying on intangible assets. We rationalize these results using a model in which banks increase aggregate investment by reducing liquidity risk, but low asset tangibility hampers liquidity creation by exacerbating moral hazard problems. Together, these findings provide new insights into the functions of banks, but also highlight their more limited role in supporting innovative industries. |
| 主题 | Financial Economics |
| 关键词 | Banking sector development Economic growth investment Liquidity creation Tangible assets |
| URL | https://cepr.org/publications/dp14956 |
| 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/543901 |
| 推荐引用方式 GB/T 7714 | Robin Döttling,Thomas Lambert,Mathijs Van Dijk. DP14956 Liquidity Creation, Investment, and Growth. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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