全球智库信息集成服务系统(G2TT): Business Groups: Panics, Runs, Organ Banks and Zombie Firms

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29035
来源ID	Working Paper 29035
	Business Groups: Panics, Runs, Organ Banks and Zombie Firms
	Asli M. Colpan; Randall Morck
发表日期	2021-07-19
出版年	2021
语种	英语
摘要	Business groups often contain banks or near banks that can protect group firms from economic shocks. A group bank subordinate to other group firms can become an “organ bank” that selflessly bails out distressed group firms and anticipates a government bailout. A group bank subordinating other group firms can extend loans to suppress their risk-taking to default risk, preserving risk-averse low-productivity zombie firms. Actual business groups can fall between these polar cases. Subordinated group banks magnify risk-taking; subordinating banks suppress risk-taking; yet both distortions promote business group firms’ survival. Limiting intragroup income and risk shifting, severing banks from business groups, or dismantling business groups may mitigate both distortions; but also limits business groups’ internal markets, thought important where external markets work poorly.
主题	International Economics ; Globalization and International Relations ; Financial Economics ; Financial Institutions ; History ; Financial History
URL	https://www.nber.org/papers/w29035
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/586709
推荐引用方式 GB/T 7714	Asli M. Colpan,Randall Morck. Business Groups: Panics, Runs, Organ Banks and Zombie Firms. 2021.

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
w29035.pdf（786KB）	智库出版物		限制开放	CC BY-NC-SA	浏览