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1 octobre 2022
- handle: 10670/1.d6oo9v
- hal: hal-03935641
- doi: 10.1093/rfs/hhac018
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1093/rfs/hhac018
http://creativecommons.org/licenses/by-nc-nd/
Mots-clés
Corporate debt Business cycles Local projections E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G33 - Bankruptcy • Liquidation N - Economic History/N.N2 - Financial Markets and Institutions/N.N2.N20 - General, International, or ComparativeSujets proches
Public markets Borrowing Capitalization (Finance) Managerial finance Corporate financial management Financial management of corporations Financial management, Corporate Corporate finance Corporation finance Financial analysis of corporations Business finance Financial planning of corporations Businesses Firms Companies Enterprises Business organizations Organizations, BusinessCiter ce document
Òscar Jordà et al., « Zombies at Large? Corporate Debt Overhang and the Macroeconomy », Archive ouverte de Sciences Po (SPIRE), ID : 10.1093/rfs/hhac018
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Résumé
Debt overhang is associated with higher financial fragility and slower recovery from recession. However, while household credit booms have been extensively documented to have this property, we find that corporate debt does not fit the same pattern. Newly collected data on nonfinancial business liabilities for 18 advanced economies over the past 150 years shows that, in the aggregate, greater frictions in corporate debt resolution make for slower recoveries, with weak investment and more persistent “zombie firms” and that this is an important factor in explaining the difference in outcomes relative to household credit booms.