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Cited by 1,543

The DOI matches its Crossref record; 22 of the 22 references it cites were found in a registry or an index.

Zombie Lending and Depressed Restructuring in Japan

Caballero, Ricardo J, Hoshi, Takeo, Kashyap, Anil K·2008·American Economic Review
DOI 10.1257/aer.98.5.1943
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Abstract

Large Japanese banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (which we call zombies). We examine the implications of suppressing the normal competitive process whereby the zombies would shed workers and lose market share. The congestion created by the zombies reduces the profits for healthy firms, which discourages their entry and investment. We confirm 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. (JEL G21, G32, L25)

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Metadata

Authors
Caballero, R. J., Hoshi, T., & Kashyap, A. K.
Venue
American Economic Review
Publisher
American Economic Association
Published
2008-11-01
Volume
98
Issue
5
Pages
1943-1977
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.98.5.1943
OpenAlex
W3122427457
Cited by
1,543
References
22
FWCI
79.32
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Zombie Lending and Depressed Restructuring in Japan. https://app.cochat.ai/papers/10.1257/aer.98.5.1943
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Caballero, R. J., Hoshi, T., & Kashyap, A. K. (2008). Zombie Lending and Depressed Restructuring in Japan. American Economic Review. https://doi.org/10.1257/aer.98.5.1943

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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