Format:
1 Online-Ressource (circa 46 Seiten)
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ISBN:
9781484324899
Series Statement:
IMF working paper WP/17, 234
Content:
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
Additional Edition:
Erscheint auch als Druck-Ausgabe Dell'Ariccia, Giovanni Bank Lending in the Knowledge Economy Washington, D.C. : International Monetary Fund, 2017 ISBN 9781484324899
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781484324899.001
URL:
Volltext
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URL:
Volltext
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Author information:
Dell'Ariccia, Giovanni 1988-
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