Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/302216 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Working Paper No. 2024-7
Verlag: 
Federal Reserve Bank of Atlanta, Atlanta, GA
Zusammenfassung: 
We show that U.S. banks do not engage in zombie lending to firms of deteriorating profitability, irrespective of capital levels and exposure to such firms. In contrast, unregulated financial intermediaries do, originating more and cheaper loans to these firms. We establish these results using supervisory data on firmbank relationships, syndicated lending data for banks and nonbanks, and an empirical setting with quasirandom shocks to firm profitability. Although credit migrates from banks to nonbanks, zombie firms file for bankruptcy at an elevated rate, suggesting that nonbanks' zombie lending does not enhance the survival rate of distressed and unprofitable firms.
Schlagwörter: 
zombie lending
zombie firms
banks
nonbanks
JEL: 
G21
G32
G33
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
568.48 kB





Publikationen in EconStor sind urheberrechtlich geschützt.