僵尸信贷与（失）通胀：欧洲的证据

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-04-11 DOI:10.1111/jofi.13342

VIRAL V. ACHARYA, MATTEO CROSIGNANI, TIM EISERT, CHRISTIAN EUFINGER

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引用次数: 0

摘要

我们的研究表明，"僵尸信贷"--向无法生存的企业提供的补贴信贷--具有抑制通胀的作用。通过维持这些企业的生存，"僵尸信贷 "创造了过剩的总供给，从而给价格带来下行压力。欧洲有关通胀、企业和银行的详细数据证实了这一机制。受 "僵尸信贷 "增加影响的市场，企业进入和退出、产能利用率、标价和通胀率都会下降，资本和劳动力配置不当也会导致生产率、投资和附加值下降。如果在 2009 年对资本薄弱的银行进行资本重组，2012 年后欧洲的通胀率最多会上升 0.21 个百分点。

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Zombie Credit and (Dis-)Inflation: Evidence from Europe

We show that “zombie credit”—subsidized credit to nonviable firms—has a disinflationary effect. By keeping these firms afloat, zombie credit creates excess aggregate supply, thereby putting downward pressure on prices. Granular European data on inflation, firms, and banks confirm this mechanism. Markets affected by a rise in zombie credit experience lower firm entry and exit, capacity utilization, markups, and inflation, as well as a misallocation of capital and labor, which results in lower productivity, investment, and value added. If weakly capitalized banks were recapitalized in 2009, inflation in Europe would have been up to 0.21 percentage points higher post-2012.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.