G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w29904
来源IDWorking Paper 29904
Zombie Lending: Theoretical, International and Historical Perspectives
Viral V. Acharya; Matteo Crosignani; Tim Eisert; Sascha Steffen
发表日期2022-04-04
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Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w29904
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587576
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Viral V. Acharya,Matteo Crosignani,Tim Eisert,et al. Zombie Lending: Theoretical, International and Historical Perspectives. 2022.
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