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Titel
Do we want these two to tango? : on zombie firms and stressed banks in Europe / Manuela Storz, Michael Koetter, Ralph Setzer, Andreas Westphal ; IWH, Halle Institute for Economic Research
VerfasserStorz, Manuela ; Koetter, Michael ; Setzer, Ralph ; Westphal, Andreas
KörperschaftLeibniz-Institut für Wirtschaftsforschung Halle
ErschienenHalle (Saale), Germany : Halle Institute for Economic Research (IWH), May 2017
Umfang1 Online-Ressource (III, 50 Seiten, 0,9 MB) : Diagramme
SpracheEnglisch
SerieIWH-Diskussionspapiere ; 2017, no. 13
URNurn:nbn:de:gbv:3:2-72072 
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Do we want these two to tango? [0.9 mb]
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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.