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23 janvier 2022
- 2201.10524
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Economics - General EconomicsSujets proches
Companies Partnership--Law and legislation Economic theory Political economy Businesses Firms Companies Enterprises Business organizations Organizations, BusinessCiter ce document
Maximilian Göbel et al., « Zombie-Lending in the United States -- Prevalence versus Relevance », arXiv - économie
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Résumé
Extraordinary fiscal and monetary interventions in response to the COVID-19 pandemic have revived concerns about zombie prevalence in advanced economies. Within a sample of publicly listed U.S. companies, we find zombie prevalence and zombie-lending not to be a widespread phenomenon per se. Nevertheless, our results reveal 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.