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dc.creatorAcharya, V.V. (Viral V.)-
dc.creatorEisert, T. (Tim)-
dc.creatorEufinger, C. (Christian)-
dc.creatorHirsch, C. (Christian)-
dc.date.accessioned2022-02-01T08:17:49Z-
dc.date.available2022-02-01T08:17:49Z-
dc.date.issued2019-
dc.identifier.citationAcharya, V.V. (Viral V.); Eisert, T. (Tim); Eufinger, C. (Christian); et al. "Whatever it takes: The real effects of unconventional monetary policy". The Review of Financial Studies. 32 (9), 2019, 3366 - 3411es_ES
dc.identifier.issn0893-9454-
dc.identifier.urihttps://hdl.handle.net/10171/62857-
dc.description.abstractLaunched in Summer 2012, the European Central Bank’s (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained weakly capitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity, such as employment and investment, but to build cash reserves. Creditworthy firms in industries with a high zombie firm prevalence significantly suffered from this credit misallocation, which further slowed the economic recovery. Received March 21, 2018; editorial decision November 13, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.es_ES
dc.language.isoenges_ES
dc.publisherOxford University Press (OUP)es_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.subjectEuropean Central Bank’s (ECB)es_ES
dc.subjectOutright Monetary Transactions (OMT)es_ES
dc.subjectEuropean bankses_ES
dc.titleWhatever it takes: The real effects of unconventional monetary policyes_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.description.noteThis is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited.es_ES
dc.identifier.doi10.1093/rfs/hhz005-
dadun.citation.endingPage3411es_ES
dadun.citation.number9es_ES
dadun.citation.publicationNameThe Review of Financial Studieses_ES
dadun.citation.startingPage3366es_ES
dadun.citation.volume32es_ES

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