Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/229043
Authors: 
Dell'Ariccia, Giovanni
Kadyrzhanova, Dalida
Minoiu, Camelia
Ratnovski, Lev
Year of Publication: 
2020
Series/Report no.: 
ECB Working Paper No. 2429
Abstract: 
We study the composition of bank loan portfolios during the transition of the real sec-tor 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.
Subjects: 
corporate intangible capital
bank lending
commercial loans
real estate loans
JEL: 
E22
E44
G21
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4072-6
Document Type: 
Working Paper

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