| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12005 |
| DP12005 Whatever it takes: The Real Effects of Unconventional Monetary Policy | |
| Viral Acharya; Tim Eisert; Christian Eufinger; Christian Hirsch | |
| 发表日期 | 2017-04-28 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Launched in Summer 2012, the European Central Bank (ECB)’s Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained undercapitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity such as employment and investment but to build up cash reserves. Creditworthy firms in industries with a high zombie firm prevalence suffered significantly from this credit misallocation, which further slowed down the economic recovery. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp12005 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540817 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Tim Eisert,Christian Eufinger,et al. DP12005 Whatever it takes: The Real Effects of Unconventional Monetary Policy. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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