欧洲僵尸贷款的实际影响

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-09-18 DOI:10.1111/obes.12636

Belinda Tracey

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引用次数: 0

摘要

僵尸贷款 "是指贷款人支持原本无力偿债的借款人。最近的研究表明，在欧洲主权债务危机之后，僵尸贷款非常普遍。在本文中，我建立了一个定量模型来研究这些借贷行为对企业动态的影响。在该模型中，企业清算和僵尸贷款是内生性的。该模型与 2011-14 年间欧元区的主要企业统计数据十分吻合。我发现，僵尸贷款对借贷成本有很大影响，有助于更多低生产率企业存活下来。这反过来又拖累了总产出、投资和生产率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Real Effects of Zombie Lending in Europe

‘Zombie lending’ occurs when a lender supports an otherwise insolvent borrower. Recent studies document that zombie lending has been widespread following the European sovereign debt crisis. In this paper, I develop a quantitative model to study the impact of these lending practices on firm dynamics. In the model, firm liquidations and zombie lending arise endogenously. The model provides a good match to key euro‐area firm statistics over the period 2011–14. I find that zombie lending has a substantial impact on borrowing costs, helping more low‐productivity firms to survive. This, in turn, causes a drag on aggregate output, investment and productivity.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.