| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15518 |
| DP15518 Zombies at large? Corporate debt overhang and the macroeconomy | |
| Oscar Jorda; Martin Kornejew; Moritz Schularick; Alan M. Taylor | |
| 发表日期 | 2020-12-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | With business leverage at record levels, the effects of corporate debt overhang on growth and investment have become a prominent concern. In this paper, we study the effects of corporate debt overhang based on long-run cross-country data covering the near universe of modern business cycles. We show that business credit booms typically do not leave a lasting imprint on the macroeconomy. Quantile local projections indicate that business credit booms do not affect the economy’s tail risks either. Yet in line with theory, we find that the economic costs of corporate debt booms rise when inefficient debt restructuring and liquidation impede the resolution of corporate financial distress and make it more likely that corporate zombies creep along. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Corporate debt Business cycles Local projections |
| URL | https://cepr.org/publications/dp15518 |
| 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/544520 |
| 推荐引用方式 GB/T 7714 | Oscar Jorda,Martin Kornejew,Moritz Schularick,et al. DP15518 Zombies at large? Corporate debt overhang and the macroeconomy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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