The Zombie Lending Channel of Monetary Policy
研究发现，紧缩性货币政策对僵尸企业的影响小于正常企业，因为银行在利率上升时更有动机向僵尸企业续贷以防止其违约，从而形成货币政策的僵尸贷款渠道。
We identify a new channel in the monetary policy transmission to nonfinancial corporates—the zombie lending channel. Our findings show that unviable and unproductive zombie firms are less affected by contractionary monetary policy relative to other firms because of a more muted tightening in credit conditions. We rationalize this result with a strengthening in evergreening motives when interest rates rise: lenders face incentives to extend loans to zombies to prevent them from defaulting. Strengthening banks’ balance sheets and curbing risky lending behavior could help mitigate zombie lending practices when financial conditions tighten. This paper was accepted by Tomasz Piskorski, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.07315 .