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Do we want these two to tango?: on zombie firms and stressed banks in Europe

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Personen und Körperschaften: Storz, Manuela (VerfasserIn), Koetter, Michael (VerfasserIn), Setzer, Ralph (VerfasserIn), Westphal, Andreas (VerfasserIn)
Titel: Do we want these two to tango?: on zombie firms and stressed banks in Europe/ Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2017]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2104 (October 2017)
Schlagwörter:
Arbeitspapier
Online-Publikation
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
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contents We show that the speed and type of corporate deleveraging depends on the interaction between corporate and financial sector health. Based on granular bank-firm data pertaining to small and medium-sized enterprises (SME) from five stressed and two non-stressed euro area economies, we show that "zombie" firms generally continued to lever up during the 2010-2014 period. Whereas relationships with stressed banks reduce SME leverage on average, we also show that zombie firms that are tied to weak banks in euro area periphery countries increase their indebtedness even further. Sustainable economic recovery therefore requires both: deleveraging of banks and firms.
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spelling Storz, Manuela VerfasserIn (DE-588)1115733370 (DE-627)86992558X (DE-576)477895131 aut, Do we want these two to tango? on zombie firms and stressed banks in Europe Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal, Frankfurt am Main, Germany European Central Bank [2017], 1 Online-Ressource (circa 49 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2104 (October 2017), We show that the speed and type of corporate deleveraging depends on the interaction between corporate and financial sector health. Based on granular bank-firm data pertaining to small and medium-sized enterprises (SME) from five stressed and two non-stressed euro area economies, we show that "zombie" firms generally continued to lever up during the 2010-2014 period. Whereas relationships with stressed banks reduce SME leverage on average, we also show that zombie firms that are tied to weak banks in euro area periphery countries increase their indebtedness even further. Sustainable economic recovery therefore requires both: deleveraging of banks and firms., Arbeitspapier DE-206, Online-Publikation DE-206, Koetter, Michael 1974- VerfasserIn (DE-588)131582054 (DE-627)510811663 (DE-576)188620125 aut, Setzer, Ralph 1975- VerfasserIn (DE-588)134244613 (DE-627)564554758 (DE-576)185324800 aut, Westphal, Andreas 1958- VerfasserIn (DE-588)170005240 (DE-627)060007737 (DE-576)130922374 aut, Europäische Zentralbank Working paper series no 2104 (October 2017) 210400 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, http://hdl.handle.net/10419/175728 Resolving-System kostenfrei Volltext, https://dx.doi.org/10.2866/020370 Resolving-System kostenfrei Volltext, http://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2104.en.pdf?b89a238d0316c45faa28bdb78909e794 Verlag kostenfrei Volltext, https://dx.doi.org/10.2866/020370 LFER, LFER 2019-07-22T00:00:00Z
spellingShingle Storz, Manuela, Koetter, Michael, Setzer, Ralph, Westphal, Andreas, Do we want these two to tango?: on zombie firms and stressed banks in Europe, Europäische Zentralbank, Working paper series, no 2104 (October 2017), We show that the speed and type of corporate deleveraging depends on the interaction between corporate and financial sector health. Based on granular bank-firm data pertaining to small and medium-sized enterprises (SME) from five stressed and two non-stressed euro area economies, we show that "zombie" firms generally continued to lever up during the 2010-2014 period. Whereas relationships with stressed banks reduce SME leverage on average, we also show that zombie firms that are tied to weak banks in euro area periphery countries increase their indebtedness even further. Sustainable economic recovery therefore requires both: deleveraging of banks and firms., Arbeitspapier, Online-Publikation
title Do we want these two to tango?: on zombie firms and stressed banks in Europe
title_auth Do we want these two to tango? on zombie firms and stressed banks in Europe
title_full Do we want these two to tango? on zombie firms and stressed banks in Europe Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal
title_fullStr Do we want these two to tango? on zombie firms and stressed banks in Europe Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal
title_full_unstemmed Do we want these two to tango? on zombie firms and stressed banks in Europe Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal
title_in_hierarchy no 2104 (October 2017). Do we want these two to tango?: on zombie firms and stressed banks in Europe ([2017])
title_short Do we want these two to tango?
title_sort do we want these two to tango on zombie firms and stressed banks in europe
title_sub on zombie firms and stressed banks in Europe
title_unstemmed Do we want these two to tango?: on zombie firms and stressed banks in Europe
topic Arbeitspapier, Online-Publikation
topic_facet Arbeitspapier, Online-Publikation
url http://hdl.handle.net/10419/175728, https://dx.doi.org/10.2866/020370, http://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2104.en.pdf?b89a238d0316c45faa28bdb78909e794