000			03001cam a22003737 4500
001			w12129
003			NBER
005			20211020112325.0
006			m o d
007			cr cnu||||||||
008			210910s2006 mau fo 000 0 eng d
100	1		_aCaballero, Ricardo J. _97142
245	1	0	_aZombie Lending and Depressed Restructuring in Japan / _cRicardo J. Caballero, Takeo Hoshi, Anil K. Kashyap.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2006.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w12129
500			_aApril 2006.
520	3		_aIn this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in their inspections. To facilitate this forbearance the banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (that we call zombies). Thus, the normal competitive outcome whereby the zombies would shed workers and lose market share was thwarted. Our model highlights the restructuring implications of the zombie problem. The counterpart of the congestion created by the zombies is a reduction of the profits for healthy firms, which discourages their entry and investment. In this context, even solvent banks do not find good lending opportunities. We confirm our story's key predictions 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.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE44 - Financial Markets and the Macroeconomy _2Journal of Economic Literature class.
690		7	_aG34 - Mergers • Acquisitions • Restructuring • Corporate Governance _2Journal of Economic Literature class.
690		7	_aL16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change • Industrial Price Indices _2Journal of Economic Literature class.
690		7	_aO53 - Asia including Middle East _2Journal of Economic Literature class.
700	1		_aHoshi, Takeo. _913055
700	1		_aKashyap, Anil K.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w12129.
856	4	0	_uhttps://www.nber.org/papers/w12129
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w12129
942			_2ddc _cW-PAPER
999			_c336003 _d294565