Beiträge, Europäische Union, Geldpolitik, Prof. Dr. Gunther Schnabl, Staatsverschuldung

Europäische Geldpolitik Und Zombiefizierung

Austrian Institute Paper No. 21 (2018)

16 PagesPosted:

Gunther Schnabl

University of Leipzig – Institute for Economic Policy

David J. Herok

University of Leipzig

Date Written: June 1, 2018


While unemployment and bankruptcies in Europe are steadily on decline, the number of so-called zombie banks, zombie companies and zombie states is growing in the shadow of the ECB’s persistent ultra-easy monetary policy. This development is reminiscent of a return to planned economic structures and makes it much more difficult to exit from the very loose monetary policy. However, an exit is crucial to halting the zombification process which undermines free-market principles and growth, and disrupts social peace.

Keywords: Bank Regulation, ECB, Hayek, Interest Rates, Joseph Schumpeter, Monetary Policy, Resource Allocation in Planning Economies, Zombie-Firms, Zombie-Lending

JEL Classification: B31, E58, G28



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