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Bank lending in the knowledge economy

Author

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  • Dell’Ariccia, Giovanni
  • Minoiu, Camelia
  • Ratnovski, Lev
  • Kadyrzhanova, Dalida

Abstract

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. JEL Classification: E22, E44, G21

Suggested Citation

  • Dell’Ariccia, Giovanni & Minoiu, Camelia & Ratnovski, Lev & Kadyrzhanova, Dalida, 2020. "Bank lending in the knowledge economy," Working Paper Series 2429, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:20202429
    Note: 3402164
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    Cited by:

    1. D�ttling, Robin & Perotti, Enrico C, 2017. "Secular Trends and Technological Progress," CEPR Discussion Papers 12519, C.E.P.R. Discussion Papers.
    2. Andrea Caggese & Ander Perez, 2017. "Capital Misallocation and Secular Stagnation," Finance and Economics Discussion Series 2017-009, Board of Governors of the Federal Reserve System (U.S.).
    3. Francesco Bripi & David Loschiavo & Davide Revelli, 2020. "Services trade and credit frictions: Evidence with matched bank–firm data," The World Economy, Wiley Blackwell, vol. 43(5), pages 1216-1252, May.
    4. Arnoud W.A. Boot & Peter Hoffmann & Luc Laeven & Lev Ratnovski, 2020. "Financial Intermediation and Technology: What’s Old, What’s New?," IMF Working Papers 2020/161, International Monetary Fund.
    5. Döttling, Robin & Ratnovski, Lev, 2020. "Monetary policy and intangible investment," Working Paper Series 2444, European Central Bank.
    6. Döttling, Robin & Perotti, Enrico C, 2019. "Redistributive Growth," CEPR Discussion Papers 13984, C.E.P.R. Discussion Papers.
    7. Björn Imbierowicz & Jonas Kragh & Jesper Rangvid, 2018. "Time‐Varying Capital Requirements and Disclosure Rules: Effects on Capitalization and Lending Decisions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(4), pages 573-602, June.
    8. Philipp-Bastian Brutscher & Christopher Hols, 2020. "The European Corporate Equity Puzzle," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(1), pages 69-104, March.

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    More about this item

    Keywords

    bank lending; commercial loans; corporate intangible capital; real estate loans;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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