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Zombie Firms and Economic Stagnation in Japan

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Cited by:

  1. Kentaro Imai, 2013. "A Panel Study of Zombie SMEs in Japan: Identification, Borrowing and Investment Behavior," Discussion Papers in Economics and Business 13-16-Rev., Osaka University, Graduate School of Economics, revised Sep 2014.
  2. Shin‐ichi Fukuda & Jun‐ichi Nakamura, 2011. "Why Did ‘Zombie’ Firms Recover in Japan?," The World Economy, Wiley Blackwell, vol. 34, pages 1124-1137, July.
  3. Santi Novita, 2018. "Industry and Financial Crises in Fragile and Zombie Firms: Does Leverage Matter?," GATR Journals jber157, Global Academy of Training and Research (GATR) Enterprise.
  4. Nurmi, Satu & Vanhala, Juuso & Virén, Matti E. E., 2020. "The life and death of zombies: Evidence from government subsidies to firms," Bank of Finland Research Discussion Papers 8/2020, Bank of Finland.
  5. Shin-ichi Fukuda & Munehisa Kasuya & Jouchi Nakajima, 2005. "Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies Undergoing Financial Distress," CIRJE F-Series CIRJE-F-364, CIRJE, Faculty of Economics, University of Tokyo.
  6. Jean-Claude Trichet, 2010. "Luncheon address: central banking in uncertain times: conviction and responsibility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 243-266.
  7. Uchida, Hirofumi & Miyakawa, Daisuke & Hosono, Kaoru & Ono, Arito & Uchino, Taisuke & Uesugi, Iichiro, 2013. "Natural Disaster and Natural Selection," Working Paper Series 25, Center for Interfirm Network, Institute of Economic Research, Hitotsubashi University.
  8. Urionabarrenetxea, Sara & Garcia-Merino, Jose Domingo & San-Jose, Leire & Retolaza, Jose Luis, 2018. "Living with zombie companies: Do we know where the threat lies?," European Management Journal, Elsevier, vol. 36(3), pages 408-420.
  9. Leire San-Jose & Sara Urionabarrenetxea & Jose-Domingo García-Merino, 2022. "Zombie firms and corporate governance: What room for maneuver do companies have to avoid becoming zombies?," Review of Managerial Science, Springer, vol. 16(3), pages 835-862, April.
  10. Piotr Ciżkowicz & Andrzej Rzońca & Andrzej Torój, 2019. "In Search of an Appropriate Lower Bound. The Zero Lower Bound vs. the Positive Lower Bound under Discretion and Commitment," German Economic Review, Verein für Socialpolitik, vol. 20(4), pages 1028-1053, November.
  11. Trunin, Pavel (Трунин, Павел) & Bozhechkova, Alexandra (Божечкова, Александра) & Petrova, Diana (Петрова, Диана) & Chaikina, Anastasiia (Чайкина, Анастасия) & Nikanorov, Ivan (Никаноров, Иван), 2018. "Analysis of Approaches to Studying the Problem of Long-Term Stagnation in Modern Economies [Анализ Подходов К Изучению Проблемы Долговременной Стагнации В Современных Экономиках]," Working Papers 031810, Russian Presidential Academy of National Economy and Public Administration.
  12. Ricardo J. Caballero & Takeo Hoshi & Anil K. Kashyap, 2008. "Zombie Lending and Depressed Restructuring in Japan," American Economic Review, American Economic Association, vol. 98(5), pages 1943-1977, December.
  13. Ronald McKinnon & Zhao Liu, 2013. "Modern Currency Wars : The United States versus Japan," Finance Working Papers 23714, East Asian Bureau of Economic Research.
  14. HOSONO Kaoru, 2009. "Financial Crisis, Firm Dynamics and Aggregate Productivity in Japan," Discussion papers 09012, Research Institute of Economy, Trade and Industry (RIETI).
  15. Claudio Borio & Marco Jacopo Lombardi & Fabrizio Zampolli, 2016. "Fiscal sustainability and the financial cycle," BIS Working Papers 552, Bank for International Settlements.
  16. Paola Vincentiis, 2021. "What drives the greater or lesser usage of forbearance measures by banks?," Journal of Banking Regulation, Palgrave Macmillan, vol. 22(3), pages 181-190, September.
  17. KWON Hyeog Ug & Jun-Hyung KO, 2013. "Do Technology Shocks Lower Hours Worked? Evidence from the Japan Industrial Productivity Database," Discussion papers 13018, Research Institute of Economy, Trade and Industry (RIETI).
  18. Juncheng Li & Jun Hu & Lu Yang, 2021. "Can Trade Facilitation Prevent the Formation of Zombie Firms? Evidence from the China Railway Express," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 29(1), pages 130-151, January.
  19. Kyoji Fukao & Hyeog Ug Kwon, 2006. "Why Did Japan'S Tfp Growth Slow Down In The Lost Decade? An Empirical Analysis Based On Firm‐Level Data Of Manufacturing Firms," The Japanese Economic Review, Japanese Economic Association, vol. 57(2), pages 195-228, June.
  20. Piotr Ciżkowicz & Andrzej Rzońca, 2014. "Interest Rates Close to Zero, Post-crisis Restructuring and Natural Interest Rate," Prague Economic Papers, Prague University of Economics and Business, vol. 2014(3), pages 315-329.
  21. Honohan, Patrick, 2009. "Resolving Ireland’s Banking Crisis," The Economic and Social Review, Economic and Social Studies, vol. 40(2), pages 207-231.
  22. Fabiano Schivardi & Enrico Sette & Guido Tabellini, 2022. "Credit Misallocation During the European Financial Crisis," The Economic Journal, Royal Economic Society, vol. 132(641), pages 391-423.
  23. Fukuda, Shin-ichi & Koibuchi, Satoshi, 2007. "The impacts of "shock therapy" on large and small clients: Experiences from two large bank failures in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 15(5), pages 434-451, November.
  24. Paul Welfens, 2010. "Transatlantic banking crisis: analysis, rating, policy issues," International Economics and Economic Policy, Springer, vol. 7(1), pages 3-48, May.
  25. Kang, Jun-Koo & Liu, Wei-Lin, 2008. "Bank incentives and suboptimal lending decisions: Evidence from the valuation effect of bank loan announcements in Japan," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 915-929, June.
  26. Dai, Yun & Li, Xuchao & Liu, Dinghua & Lu, Jiankun, 2021. "Throwing good money after bad: Zombie lending and the supply chain contagion of firm exit," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 379-402.
  27. Unnava, Vaasavi, 2021. "Prompt Recapitalization Act," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 3(3), pages 254-284, April.
  28. Iwasaki, Fusanori & Ueki, Yasushi, 2022. "From buyer-driven fragmented to consumer-driven vertically integrated value chains: a case study of Japanese apparel and accessory SMEs," IDE Discussion Papers 838, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  29. repec:zbw:bofrdp:2020_008 is not listed on IDEAS
  30. Tan, Ruipeng & Zhu, Wenjun & Pan, Lulu & Wu, Huaqing, 2024. "Short selling and de-zombification: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 86-102.
  31. Kneller, Richard & McGowan, Danny & Inui, Tomohiko & Matsuura, Toshiyuki, 2012. "Globalisation, multinationals and productivity in Japan’s lost decade," Journal of the Japanese and International Economies, Elsevier, vol. 26(1), pages 110-128.
  32. Suparna Chakraborty & Joe Peek, 2016. "Lending to unhealthy firms in Japan during the lost decade: distinguishing between technical and financial health," Working Papers 16-22, Federal Reserve Bank of Boston.
  33. Joseph Junior Aduba & Behrooz Asgari, 2020. "Productivity and technological progress of the Japanese manufacturing industries, 2000–2014: estimation with data envelopment analysis and log-linear learning model," Asia-Pacific Journal of Regional Science, Springer, vol. 4(2), pages 343-387, June.
  34. Agnese, Pablo & Sala, Hector, 2009. "The fading 1990s in Japan: Driving forces behind the unemployment upsurge," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 428-439, June.
  35. Kyoji Fukao, 2013. "Explaining Japan's Unproductive Two Decades," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(2), pages 193-213, December.
  36. El Ghoul, Sadok & Fu, Zhengwei & Guedhami, Omrane, 2021. "Zombie firms: Prevalence, determinants, and corporate policies," Finance Research Letters, Elsevier, vol. 41(C).
  37. Jun‐Hyung Ko & Hiroshi Morita, 2019. "Regime Switches in Japan's Fiscal Policy: Markov‐Switching VAR Approach," Manchester School, University of Manchester, vol. 87(5), pages 724-749, September.
  38. David Archer, 2006. "Implications of recent changes in banking for the conduct of monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 123-51, Bank for International Settlements.
  39. Agnese, Pablo, 2009. "Japan and her dealings with offshoring: An empirical analysis with aggregate data," IESE Research Papers D/793, IESE Business School.
  40. Richard Kneller & Danny McGowan & Tomohiko Inui & Toshiyuki Matsuura, 2012. "Closure within multi-plant firms: evidence from Japan," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(4), pages 647-668, December.
  41. Uesugi, Iichiro & 植杉, 威一郎 & ウエスギ, イイチロウ, 2008. "Efficiency of Credit Allocation and Effectiveness of Government Credit Guarantees: Evidence from Japanese Small Businesses," PIE/CIS Discussion Paper 353, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  42. Xiaohan Guo & Jianliang Ye & Wunhong Su & Deming Luo & Xiangrong Jin, 2022. "Do zombie firms crowd out healthy firms and slow their growth? Evidence from China," Development Policy Review, Overseas Development Institute, vol. 40(6), November.
  43. Sakai, Koji & Uesugi, Iichiro & Watanabe, Tsutomu, 2010. "Firm age and the evolution of borrowing costs: Evidence from Japanese small firms," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1970-1981, August.
  44. Qiao, Lu & Fei, Junjun, 2022. "Government subsidies, enterprise operating efficiency, and “stiff but deathless” zombie firms," Economic Modelling, Elsevier, vol. 107(C).
  45. Yasushi Hamao & Kenji Kutsuna & Joe Peek, 2012. "Nice to be on the A-list," Working Papers 12-13, Federal Reserve Bank of Boston.
  46. Latsos, Sophia, 2018. "Real wage effects of Japan's monetary policy," Working Papers 153, University of Leipzig, Faculty of Economics and Management Science.
  47. GOTO Yasuo & Scott WILBUR, 2017. "Efficiency among Japanese SMEs: In the context of the zombie firm hypothesis and firm size," Discussion papers 17123, Research Institute of Economy, Trade and Industry (RIETI).
  48. Imai, Kentaro, 2016. "A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior," Journal of the Japanese and International Economies, Elsevier, vol. 39(C), pages 91-107.
  49. Marian Nehrebecki, 2023. "Zombification in Poland in particular during COVID-19 pandemic and low interest rates," Bank i Kredyt, Narodowy Bank Polski, vol. 54(2), pages 153-190.
  50. Shin-ichi Fukuda & Satoshi Koibuchi, 2006. "The Impacts of "Shock Therapy" on Large and Small Clients:Experiences from Two Large Bank Failures in Japan (Forthcoming in "Pacific-Basin Finance Journal". )," CARF F-Series CARF-F-077, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  51. Sanghoon Ahn & Kyoji Fukao & Hyeog Ug Kwon, 2005. "The Internationalization and Performance of Korean and Japanese Firms: An Empirical Analysis Based on Micro-data," Discussion papers 05008, Research Institute of Economy, Trade and Industry (RIETI).
  52. W. R. Garside, 2012. "Japan’s Great Stagnation," Books, Edward Elgar Publishing, number 14624.
  53. Nurmi, Satu & Vanhala, Juuso & Virén, Matti E. E., 2020. "The life and death of zombies: Evidence from government subsidies to firms," Bank of Finland Research Discussion Papers 8/2020, Bank of Finland.
  54. De Veirman, Emmanuel & Levin, Andrew T., 2012. "When did firms become more different? Time-varying firm-specific volatility in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 26(4), pages 578-601.
  55. Shin-ichi Fukuda & Munehisa Kasuya & Jouchi Nakajima, 2005. "Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies Undergoing Financial Distress (Subsequently published in "Journal of the Asia Pacific Economy" Vo.11, No.4, D," CARF F-Series CARF-F-042, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  56. Latsos Sophia, 2018. "Real Wage Effects of Japan’s Monetary Policy," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 69(1), pages 177-215, July.
  57. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
  58. Tomohiko Inui & Richard Kneller & Toshiyuki Matsuura & Danny McGowan, 2010. "What Causes Plant Closure within Multi-Plant Firms?," Discussion Papers 10/20, University of Nottingham, GEP.
  59. Wu, Qingyang & Chang, Siqi & Bai, Caiquan & Wei, Wendong, 2023. "How do zombie enterprises hinder climate change action plans in China?," Energy Economics, Elsevier, vol. 124(C).
  60. Goto, Yasuo & Wilbur, Scott, 2019. "Unfinished business: Zombie firms among SME in Japan’s lost decades," Japan and the World Economy, Elsevier, vol. 49(C), pages 105-112.
  61. Ko, Jun-Hyung & Kwon, Hyeog Ug, 2015. "Do technology shocks lower hours worked? – Evidence from Japanese industry level data," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 138-157.
  62. Shin-Ichi Fukuda & Munehisa Kasuya & Jouchi Nakajima, 2006. "Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies under Financial Distress," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 11(4), pages 482-501.
  63. Broz, Tanja & Ridzak, Tomislav, 2017. "Lending activity and credit supply in Croatia during the crisis," Journal of Policy Modeling, Elsevier, vol. 39(6), pages 1102-1116.
  64. Yumeng Wu & Haiying Pan, 2022. "Can pay‐performance sensitivity cure zombie firms? Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 1080-1090, June.
  65. Joel Bowman, 2022. "The Life‐cycle Dynamics of Zombie Companies amongst Listed Firms in China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(5), pages 185-205, September.
  66. Chang, Woo Hyun, 2017. "An Empirical Study on the Effects of Public Procurement on the Productivity and Survivability of SMEs: Case of the Korean Mining and Manufacturing Sectors," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 39(1), pages 1-18.
  67. FUKAO Kyoji & KIM YoungGak & KWON Hyeog Ug, 2021. "Sources of Growth and Stagnation in the Japanese Economy: An Analysis Based on Data for Listed Firms Spanning More Than Five Decades," Discussion papers 21094, Research Institute of Economy, Trade and Industry (RIETI).
  68. Pavlo Kerimov & Vladyslav Zymovets, 2021. "Quasi-Risk and Fraudulent Financing Models: The Case of Firms with Negative Equity in Ukraine," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 8, pages 48-68.
  69. William R. White, 2010. "The Mayekawa Lecture: Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 28, pages 35-58, November.
  70. Felicia Anikpe NAIMO & Sunday Oseiweh OGBEIDE, 2022. "Evidences and Determinants of Zombie Firms: Implication on Economic Growth," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 7(2), pages 141-158, June.
  71. Feng, Ling & Lang, Henan & Pei, Tingting, 2022. "Zombie firms and corporate savings: Evidence from Chinese manufacturing firms," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 551-564.
  72. Kentaro Imai, 2013. "A Panel Study of eZombie f SMEs in Japan: Identification, Borrowing and Investment Behavior," Discussion Papers in Economics and Business 13-16, Osaka University, Graduate School of Economics.
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