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Emerald Management Reviews
ISSN: 1474-6085
Online from: 1988
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Zombie lending and depressed restructuring in Japan
| Title: | Zombie lending and depressed restructuring in Japan |
|---|---|
| Author(s): | Caballero R J, Hoshi T, Kashyap A K |
| Journal: | American Economic Review, Dec 2008, Volume: 98 Issue: 5 pp.1943-1977 (35 pages) |
| Issn: | 0002-8282 |
| Keywords: | Bad Debts, Banks, Competition, Economic Growth, Japan, Productivity |
| Article type: | Research paper |
| Reference: | 38AE789 (Permanent URL) |
| Abstract: |
Findings - Finds that the presence of zombies in an industry slows both job destruction and creation processes; and they lower industry TFP while preventing market entry. Notes productivity growth in upturns is weakened by the presence of zombies, reflected in the growing gap between manufacturing and nonmanufacturing productivity. Notes nonzombies are crowded out and their investment and employment growth are hampered. Research limitations/implications - Likens the Japanese experience to that of ex-Soviet economies, and proposes studies of the practical regulatory measures that should follow. Originality/value - Presents a rich analysis of how not to handle a credit crunch. |
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