Zombies at Large? Corporate Debt Overhang and the Macroeconomy
研究了企业债务积压对经济复苏的影响，发现企业债务不像家庭债务那样导致更慢的复苏，而是通过更慢的债务解决和更多僵尸企业拖累投资和复苏。
Abstract Debt overhang is associated with higher financial fragility and slower recovery from recession. However, while household credit booms have been extensively documented to have this property, we find that corporate debt does not fit the same pattern. Newly collected data on nonfinancial business liabilities for 18 advanced economies over the past 150 years shows that, in the aggregate, greater frictions in corporate debt resolution make for slower recoveries, with weak investment and more persistent “zombie firms” and that this is an important factor in explaining the difference in outcomes relative to household credit booms.