Dell'Ariccia, Giovanni; Kadyrzhanova, Dalida; Minoiu, … - 2020
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 …