The Effects of Government Interventions in the Financial Sector on Banking Competition and the Evolution of Zombie Banks
研究了政府担保、流动性支持、资本重组和国有化等干预措施如何影响银行业竞争，发现流动性支持、资本重组和国有化显著加剧竞争，且干预频率与僵尸银行市场份额增加相关。
We investigate how government interventions such as blanket guarantees, liquidity support, recapitalizations, and nationalizations affect banking competition. These issues are critical for stability, access to finance, and economic growth. Exploiting cross-country and cross-time variation in the timing of interventions and accounting for their nonrandomness, we document that liquidity support, recapitalizations, and nationalizations trigger large increases in competition. We also find some more nuanced evidence that zombie banks’ market shares in crisis countries evolve together with interventions. A higher frequency of interventions coincides with greater zombie bank presence, and increases in competition are larger when zombie banks occupy bigger market shares.