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dc.contributor.authorZoller-Rydzek, Benedikt-
dc.contributor.authorKeller, Florian-
dc.date.accessioned2021-02-11T15:28:56Z-
dc.date.available2021-02-11T15:28:56Z-
dc.date.issued2020-
dc.identifier.issn1610-241Xde_CH
dc.identifier.issn1612-7501de_CH
dc.identifier.urihttps://digitalcollection.zhaw.ch/handle/11475/21652-
dc.description.abstractBased 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)de_CH
dc.language.isoende_CH
dc.publisherOxford University Pressde_CH
dc.relation.ispartofCESifo Economic Studiesde_CH
dc.rightsLicence according to publishing contractde_CH
dc.subjectCOVID-19de_CH
dc.subjectExpectationde_CH
dc.subjectFinancial constraintde_CH
dc.subjectFirm behaviorde_CH
dc.subjectZombie firmde_CH
dc.subject.ddc330: Wirtschaftde_CH
dc.titleCOVID-19 : guaranteed loans and zombie firmsde_CH
dc.typeBeitrag in wissenschaftlicher Zeitschriftde_CH
dcterms.typeTextde_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitInternational Management Institute (IMI)de_CH
dc.identifier.doi10.1093/cesifo/ifaa014de_CH
zhaw.funding.euNode_CH
zhaw.issue4de_CH
zhaw.originated.zhawYesde_CH
zhaw.pages.end364de_CH
zhaw.pages.start322de_CH
zhaw.publication.statuspublishedVersionde_CH
zhaw.volume66de_CH
zhaw.publication.reviewPeer review (Publikation)de_CH
zhaw.webfeedW: Spitzenpublikationde_CH
zhaw.author.additionalNode_CH
zhaw.display.portraitYesde_CH
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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.


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