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- W2938687760 abstract "textabstractOn July 26, 2012 the ECB’s president Mario Draghi announced to do “whateverit takes” to preserve the Euro and subsequently launched the Outright MonetaryTransactions (OMT) Program, which led to a significant increase in the value ofsovereign bonds issued by European periphery countries. As a result, the OMT announcementindirectly recapitalized periphery country banks due to their significantholdings of these bonds. However, the regained stability of the European bankingsector has not fully transferred into economic growth. We show that this developmentcan at least partially be explained by zombie lending motives of banks thatstill remained undercapitalized after the OMT announcement. While banks thatbenefited from the announcement increased their overall loan supply, this supplywas mostly targeted towards low-quality firms with pre-existing lending relationshipswith these banks. As a result, there was no positive impact on real economicactivity like employment or investment. Instead, these firms mainly used the newlyacquired funds to build up cash reserves. Finally, we document that creditworthyfirms in industries with a prevalence of zombie firms suffered significantly from thecredit misallocation, which slowed down the economic recovery." @default.
- W2938687760 created "2019-04-25" @default.
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- W2938687760 date "2018-01-01" @default.
- W2938687760 modified "2023-09-23" @default.
- W2938687760 title "Whatever It Takes: The Real Effects of Unconventional Monetary Policy" @default.
- W2938687760 hasPublicationYear "2018" @default.
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