Publicação
Zombie-lending in the United States prevalence versus relevance
| dc.contributor.author | Göbel, Maximilian | |
| dc.contributor.author | Tavares, Nuno | |
| dc.date.accessioned | 2022-05-31T10:30:06Z | |
| dc.date.available | 2022-05-31T10:30:06Z | |
| dc.date.issued | 2022-05 | |
| dc.description.abstract | 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. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Göbel, Maximilian e Nuno Tavares (2022). "Zombie-lending in the United States prevalence versus relevance". REM Working paper series, nº 0231/2022 | pt_PT |
| dc.identifier.issn | 2184-108X | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/24432 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | ISEG - REM - Research in Economics and Mathematics | pt_PT |
| dc.relation | UIDB/05069/2020] | pt_PT |
| dc.relation.ispartofseries | REM Working paper series;nº 0231/2022 | |
| dc.relation.publisherversion | https://rem.rc.iseg.ulisboa.pt/wps/pdf/REM_WP_0231_2022.pdf | pt_PT |
| dc.subject | zombie lending | pt_PT |
| dc.subject | business dynamism | pt_PT |
| dc.subject | bank credit | pt_PT |
| dc.subject | non-viable firms | pt_PT |
| dc.subject | productivity | pt_PT |
| dc.title | Zombie-lending in the United States prevalence versus relevance | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |