| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16685 |
| DP16685 Zombie Lending: Theoretical, International, and Historical Perspectives | |
| Viral Acharya; Matteo Crosignani; Tim Eisert; Sascha Steffen | |
| 发表日期 | 2022-03-26 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper surveys the theory on zombie lending incentives and the consequences of zombie lending for the real economy. It also offers a historical perspective by reviewing the growing empirical evidence on zombie lending along three dimensions: (i) the role of under-capitalized banks, (ii) effects on zombie firms, and (iii) spillovers and distortions for non-zombie firms. We then provide an overview of how zombie lending can be attenuated. Finally, we use a sample of U.S. publicly listed firms to compare various measures proposed in the literature to classify firms as ``zombies." We identify definitions of zombie firms that are adequate to investigate economic inefficiency in the form of real sector competitive distortions of zombie lending. We find that only definitions that are based on interest rate subsidies are able to detect these spillovers and thereby provide evidence in support of credit misallocation. |
| 主题 | Financial Economics |
| 关键词 | Zombie credit Credit misallocation Capital misallocation Bank capital Undercapitalized banks Interst rate subsidy Spillovers |
| URL | https://cepr.org/publications/dp16685-0 |
| 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/546127 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Matteo Crosignani,Tim Eisert,et al. DP16685 Zombie Lending: Theoretical, International, and Historical Perspectives. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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