| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28197 |
| 来源ID | Working Paper 28197 |
| Zombies at Large? Corporate Debt Overhang and the Macroeconomy | |
| Òscar Jordà; Martin Kornejew; Moritz Schularick; Alan M. Taylor | |
| 发表日期 | 2020-12-14 |
| 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 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Corporate Finance ; History ; Financial History |
| URL | https://www.nber.org/papers/w28197 |
| 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/585871 |
| 推荐引用方式 GB/T 7714 | Òscar Jordà,Martin Kornejew,Moritz Schularick,et al. Zombies at Large? Corporate Debt Overhang and the Macroeconomy. 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 | ||
| w28197.pdf（935KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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