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