| Publikationstyp: | Beitrag in wissenschaftlicher Zeitschrift |
| Art der Begutachtung: | Peer review (Publikation) |
| Titel: | COVID-19 : guaranteed loans and zombie firms |
| Autor/-in: | Zoller-Rydzek, Benedikt Keller, Florian |
| et. al: | No |
| DOI: | 10.1093/cesifo/ifaa014 |
| Erschienen in: | CESifo Economic Studies |
| Band(Heft): | 66 |
| Heft: | 4 |
| Seite(n): | 322 |
| Seiten bis: | 364 |
| Erscheinungsdatum: | 2020 |
| Verlag / Hrsg. Institution: | Oxford University Press |
| ISSN: | 1610-241X 1612-7501 |
| Sprache: | Englisch |
| Schlagwörter: | COVID-19; Expectation; Financial constraint; Firm behavior; Zombie firm |
| Fachgebiet (DDC): | 330: Wirtschaft |
| Zusammenfassung: | Based on a survey (7–13 April 2020) we evaluate the reaction of Swiss firms towards the COVID-19 crisis. Firms show little pro-active reactions towards the crisis, but decrease their business activities. The firms in the survey report that the decline in foreign demand is the single most important reason for their deteriorating business situation. Firms that faced a more difficult business situation before the crisis are affected more severely during the crisis. Moreover, we investigate the impact of the Swiss federal loan program (Bundeshilfe) on the business activities. To this end, we develop a stylized theoretical model of financially constrained heterogeneous firms. We find that policy makers face a trade-off between immediate higher unemployment rates and long-term higher public spending. The former arises from a combination of a too strong economic impact of the COVID-19 lockdown (demand drop) and too low levels of loans provided. Nevertheless, providing (too) high levels of loans to firms creates zombie firms that are going to default in the future leading to an increase in public spending. (JEL codes: D22, D25, D84, and G33) |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/21652 |
| Volltext Version: | Publizierte Version |
| Lizenz (gemäss Verlagsvertrag): | Lizenz gemäss Verlagsvertrag |
| Departement: | School of Management and Law |
| Organisationseinheit: | International Management Institute (IMI) |
| Enthalten in den Sammlungen: | Publikationen School of Management and Law |
Dateien zu dieser Ressource:
Es gibt keine Dateien zu dieser Ressource.
Zur Langanzeige
Zoller-Rydzek, B., & Keller, F. (2020). COVID-19 : guaranteed loans and zombie firms. CESifo Economic Studies, 66(4), 322–364. https://doi.org/10.1093/cesifo/ifaa014
Zoller-Rydzek, B. and Keller, F. (2020) ‘COVID-19 : guaranteed loans and zombie firms’, CESifo Economic Studies, 66(4), pp. 322–364. Available at: https://doi.org/10.1093/cesifo/ifaa014.
B. Zoller-Rydzek and F. Keller, “COVID-19 : guaranteed loans and zombie firms,” CESifo Economic Studies, vol. 66, no. 4, pp. 322–364, 2020, doi: 10.1093/cesifo/ifaa014.
ZOLLER-RYDZEK, Benedikt und Florian KELLER, 2020. COVID-19 : guaranteed loans and zombie firms. CESifo Economic Studies. 2020. Bd. 66, Nr. 4, S. 322–364. DOI 10.1093/cesifo/ifaa014
Zoller-Rydzek, Benedikt, and Florian Keller. 2020. “COVID-19 : Guaranteed Loans and Zombie Firms.” CESifo Economic Studies 66 (4): 322–64. https://doi.org/10.1093/cesifo/ifaa014.
Zoller-Rydzek, Benedikt, and Florian Keller. “COVID-19 : Guaranteed Loans and Zombie Firms.” CESifo Economic Studies, vol. 66, no. 4, 2020, pp. 322–64, https://doi.org/10.1093/cesifo/ifaa014.
Alle Ressourcen in diesem Repository sind urheberrechtlich geschützt, soweit nicht anderweitig angezeigt.