全球智库信息集成服务系统(G2TT): Economic Growth and Bank Innovation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29326
来源ID	Working Paper 29326
	Economic Growth and Bank Innovation
	Gary B. Gorton; Ping He
发表日期	2021-10-04
出版年	2021
语种	英语
摘要	Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation included the advent of loan sales, increased loan syndications, the opening of the leveraged loan market, and the securitization of loans in collateralized loan obligations. We estimate and calibrate a model of bank innovation to determine the quantitative contribution of bank innovation to economic growth.
主题	Development and Growth ; Development ; Innovation and R& ; D ; Growth and Productivity
URL	https://www.nber.org/papers/w29326
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587000
推荐引用方式 GB/T 7714	Gary B. Gorton,Ping He. Economic Growth and Bank Innovation. 2021.