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Autoren: 
Antoni, Manfred
Koetter, Michael
Müller, Steffen
Sondershaus, Talina
Datum: 
2019
Reihe/Nr.: 
IWH Discussion Papers 12/2019
Zusammenfassung: 
Asset purchase programmes (APPs) may insulate banks from having to terminate relationships with unproductive customers. Using administrative plant and bank data, we test whether APPs impinge on industry dynamics in terms of plant entry and exit. Plants in Germany connected to banks with access to an APP are approximately 20% less likely to exit. In particular, unproductive plants connected to weak banks with APP access are less likely to close. Aggregate entry and exit rates in regional markets with high APP exposures are also lower. Thus, APPs seem to subdue Schumpeterian cleansing mechanisms, which may hamper factor reallocation and aggregate productivity growth.
Schlagwörter: 
plant exit
factor reallocation
asset purchase programmes
JEL: 
E58
G21
G28
G33
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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