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Identifier to cite or link to this item: https://hdl.handle.net/10086/13991

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Title
Zombie Firms and Economic Stagnation in Japan
Creator
Creator Name
Ahearne, Alan G. Ahearne, Alan G.
Affiliation
Affiliation Name
Board of Governors of the Federal Reserve System
Creator Name
Shinada, Naoki Shinada, Naoki
品田, 直樹 品田, 直樹
シナダ, ナオキ シナダ, ナオキ
Affiliation
Affiliation Name
Development Bank of Japan
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Key Word
Productivity
banking system
creative destruction
Abstract
It is often claimed that one contributing factor to Japan's weak economic performance over the past decade is that Japanese banks have continued to provide financial support for highly inefficient, debt-ridden companies, commonly referred to as "zombie" firms. Such poor banking practices in turn prevent more productive companies from gaining market share, strangling a potentially important source of productivity gains for the overall economy. To explore further the zombie-firm hypothesis, we use industry- and firm-level Japanese data and find evidence that productivity growth is low in industries reputed to have heavy concentrations of zombie firms. We also find that the reallocation of market share is going in the wrong direction in these industries, adding to already weak productivity performance. In addition, we find evidence that financial support from Japanese banks may have played a role in sustaining this perverse reallocation of market share.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2005-06
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series ; No. d05-95
Relation
Related Identifier
URI
  http://21coe.ier.hit-u.ac.jp/english/index.html
Number of Pages
40
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/13991