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Bank Lending in the Knowledge Economy
By:Mr.Giovanni Dell'Ariccia,Dalida Kadyrzhanova,Ms.Camelia Minoiu,Mr.Lev Ratnovski
Published on 2017-11-07 by International Monetary Fund

We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms use less tangible capital and invest more in intangible assets. We show that, as firms shift toward intangible assets that have lower collateral values, banks reallocate their portfolios away from commercial loans toward other assets, primarily residential real estate loans and liquid assets. This effect is more pronounced for large and less well capitalized banks and is robust to controlling for real estate loan demand. Our results suggest that increased firm investment in intangible assets can explain up to 20% of bank portfolio reallocation from commercial to residential lending over the last four decades.
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Book ID of Bank Lending in the Knowledge Economy's Books is WzNBDwAAQBAJ, Book which was written byMr.Giovanni Dell'Ariccia,Dalida Kadyrzhanova,Ms.Camelia Minoiu,Mr.Lev Ratnovskihave ETAG "utr8JKyq+aU"
Book which was published by International Monetary Fund since 2017-11-07 have ISBNs, ISBN 13 Code is 9781484328651 and ISBN 10 Code is 1484328655
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Book which have "45 Pages" is Printed at BOOK under CategoryBusiness and Economics
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