| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27158 |
| 来源ID | Working Paper 27158 |
| Zombie Credit and (Dis-)Inflation: Evidence from Europe | |
| Viral V. Acharya; Matteo Crosignani; Tim Eisert; Christian Eufinger | |
| 发表日期 | 2020-05-18 |
| 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 zombie credit post 2012, annual inflation in Europe during 2012-2016 would have been 0.45 percentage points higher. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w27158 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584831 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Matteo Crosignani,Tim Eisert,et al. Zombie Credit and (Dis-)Inflation: Evidence from Europe. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27158.pdf（600KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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