Zombie Lending and Depressed Restructuring in Japan

By Ricardo J. Caballero, Takeo Hoshi, Anil K. Kashyap. 2008

1,585 citations recorded by the source corpus.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/862a5a75867c7b9fcc7af0dcb0d0c128ab9d0cb4

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Citations in the corpus

Credit Misallocation During the European Financial Crisis (2017, positive): “Following Caballero et al. (2008), the standard approach is to include fixed effects at the sector-year level in the regression, so as to fully control for aggregate shocks, and to allow zombie and healthy firms to be differentially affected by a larger share of zombies in the sector.”
Breaking the Shackles: Zombie Firms, Weak Banks and Depressed Restructuring in Europe (2017, positive): “In this regard, Caballero et al. (2008) argue that the survival of zombie firms congests markets and lowers industry profitability – by inflating wages relative to productivity and depressing market prices – which deters the expansion of healthier firms.”
Why Did ‘Zombie’ Firms Recover in Japan? (2011, positive): “In the paper, we first extended the method of Caballero, Hoshi, and Kashyap (2008) and identified zombies from among the listed firms.”
Labour Reallocation and Productivity Dynamics: Financial Causes, Real Consequences (2016, neutral): “Not least, tougher credit conditions could make adjustment harder, especially if banks' balance sheets are not promptly repaired, inducing, for instance, ever-greening (Peek and Rosengren (2005), Caballero et al (2008), Borio et al (2010)).”
ECONOMICS OF THE LIVING DEAD (2006, positive): “© 2006 The Author Journal compilation © 2006 Japanese Economic Association decline of profitable opportunities for non-zombies, caused by the large presence of zombies, which is the channel stressed by Caballero et al. (2005). Caballero et al.”
The Rise of Deferred Tax Assets in Japan: The Role of Deferred Tax Accounting in the Japanese Banking Crisis* (2008, neutral): “Caballero et al. (2008) discuss how the continued extension of credit to otherwise insolvent corporate borrowers (“zombies”) is part of regulatory forbearance.”
Stress-Testing Macro Stress Testing: Does it Live Up to Expectations? (2012, positive): “Loan officers are forced to take greater account of macroeconomic 12 On the Japanese experience, see eg Caballero et al (2008).”
Whatever It Takes: The Real Effects of Unconventional Monetary Policy (2019, positive): “Similar in spirit to Caballero et al. (2008), we compare the average industry productivity for industries with a large and small increase in the fraction of zombie firms.”
The Saving Rate in Japan: Why it Has Fallen and Why it Will Remain Low (2007, neutral): “t ( 5 ) wt =(1 )AtK t H t , (6)”