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Publicação
Zombie-lending in the United States prevalence versus relevance
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Autores
Orientador(es)
Resumo(s)
Extraordinary fiscal and monetary interventions in response to the COVID-19 pandemic have revived concerns abou tzombie prevalence in advanced economies.The literature has already linked this phenomenon {observed over the course of the last two decades {to impeding the performance of healthy firms in Japan and Europe.To make the case for the United States, we analyze banks' and capital markets'zombie-lending practices on the basis of a sample of publicly listed U.S.companies.Our results suggest that zombie prevalence and zombie-lending perse are notade defining characteristic of the U.S.economy.Nevertheless,we find evidence for negative spillovers of zombie-lending on productivity, capital-growth,and employment-growth of non-zombies as well as on overall business dynamism. It is predominantly the class of healthy small-and medium-sized companies that is sensitive to zombie-lending activities,with financial constraints further amplifying these effects.
Descrição
Palavras-chave
zombie lending business dynamism bank credit non-viable firms productivity
Contexto Educativo
Citação
Göbel, Maximilian e Nuno Tavares (2022). "Zombie-lending in the United States prevalence versus relevance". REM Working paper series, nº 0231/2022
Editora
ISEG - REM - Research in Economics and Mathematics