Liquidity creation, investment, and growth
研究发现银行流动性创造能促进经济增长，但只推动有形资产投资，对无形资产投资无效，且在依赖无形资产行业占比高的国家中不促进增长。
Abstract Using panel analysis for a large cross-section of countries, we find that liquidity creation by banks is positively associated with economic growth at country and industry levels. Liquidity creation boosts tangible, but not intangible investment and does not contribute to growth in countries with a high share of industries reliant on intangible assets. These findings are consistent with a theoretical model in which liquidity creation fosters investment only if it is sufficiently tangible. Our results shed light on important heterogeneities in the role of banks in the economic development process and their limited role in countries’ transition to knowledge economies.