TY  - UNPD
A1  - Acharya, Viral V.
A1  - Eisert, Tim
A1  - Eufinger, Christian
A1  - Hirsch, Christian W.
T1  - Whatever it takes: the real effects of unconventional monetary policy
T2  - SAFE working paper series ; No. 152
N2  - The ECB’s Outright Monetary Transactions (OMT) program, launched in summer 2012, indirectly recapitalized periphery country banks through its positive impact on the value of sovereign bonds. However, the regained stability of the European banking sector has not fully transferred into economic growth. We show that zombie lending behavior of banks that still remained undercapitalized after the OMT announcement is an important reason for this development. As a result, there was no positive impact on real economic activity like employment or investment. Instead, firms mainly used the newly acquired funds to build up cash reserves. Finally, we document that creditworthy firms in industries with a high prevalence of zombie firms suffered significantly from the credit misallocation, which slowed down the economic recovery.
T3  - SAFE working paper - 152 
KW  - Unconventional Monetary Policy
KW  - Real Effects
KW  - Zombie Lending
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/41871
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-418716
UR  - https://ssrn.com/abstract=2858147
PB  - SAFE
CY  - Frankfurt am Main
ER  -