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Economic Growth and Bank Innovation / Gary B. Gorton, Ping He.
- Format:
- Book
- Author/Creator:
- Gorton, Gary B.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w29326.
- NBER working paper series no. w29326
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation included the advent of loan sales, increased loan syndications, the opening of the leveraged loan market, and the securitization of loans in collateralized loan obligations. We estimate and calibrate a model of bank innovation to determine the quantitative contribution of bank innovation to economic growth.
- Notes:
- Print version record
- October 2021.
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