2008年12月
Zombie Lending and Depressed Restructuring in Japan
AMERICAN ECONOMIC REVIEW
- ,
- ,
- 巻
- 98
- 号
- 5
- 開始ページ
- 1943
- 終了ページ
- 1977
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1257/aer.98.5.1943
- 出版者・発行元
- AMER ECONOMIC ASSOC
Large Japanese banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (which we call zombies). We examine the implications of suppressing the normal competitive process whereby the zombies would shed workers and lose market share. The congestion created by the zombies reduces the profits for healthy firms, which discourages their entry and investment. We confirm that zombie-dominated industries exhibit more depressed job creation and destruction, and lower productivity. We present firm-level regressions showing that the increase in zombies depressed the investment and employment growth of non-zombies and widened the productivity gap between zombies and non-zombies.
- リンク情報
- ID情報
-
- DOI : 10.1257/aer.98.5.1943
- ISSN : 0002-8282
- Web of Science ID : WOS:000262025800009