| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14960 |
| DP14960 Zombie Credit and (Dis-)Inflation: Evidence from Europe | |
| Viral Acharya; Matteo Crosignani; Tim Eisert; Christian Eufinger | |
| 发表日期 | 2020-06-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that cheap credit to impaired firms has a disinflationary effect. By helping distressed firms to stay afloat, “zombie credit” can create excess production capacity, and in turn, put downward pressure on markups and prices. We test this mechanism exploiting granular inflation and firm-level data from twelve European countries. In the cross-section of industries and countries, we find that a rise of zombie credit is associated with a decrease in firm defaults and entries, firm markups and product prices; lower productivity; and, an increase in aggregate sales as well as material and labor cost. These results hold at the firm-level, where we document spillover effects to healthy firms in markets with high zombie credit. Our partial equilibrium estimates suggest that without a rise in ... |
| 主题 | Financial Economics |
| 关键词 | Zombie lending Under-capitalized banks Disinflation Firm productivity Eurozone crisis |
| URL | https://cepr.org/publications/dp14960 |
| 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/543904 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Matteo Crosignani,Tim Eisert,et al. DP14960 Zombie Credit and (Dis-)Inflation: Evidence from Europe. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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