Bank Lending in the Knowledge Economy
研究实体经济向知识经济转型过程中，银行对无形资产增长的暴露如何导致商业贷款减少、抵押贷款增加，并解释商业贷款占比长期下降约30%的原因。
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.