Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019

References

• Adalet McGowan, Müge, Dan Andrews, and Valentine Millot. 2017. “The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries.” OECD Economics Department Working Papers, no 1372. OECD Publishing, Paris. https://doi.org/10.1787/180d80ad-en.
   Google Scholar
• Águila, Nicolás, and Juan Martín Graña. 2020. “The Influence of the Interest Rate in Capitalist Competition: Capital Differentiation and Structural Change.” Bulletin of Political Economy 14 (2): 153–177.
   Google Scholar
• Baines, Joseph, and Sandy Brian Hager. 2021. “The Great Debt Divergence and Its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power.” New Political Economy 26 (5): 885–901. https://doi.org/10.1080/13563467.2020.1865900.
   Web of Science ®Google Scholar
• Banerjee, Ryan, and Boris Hofmann. 2018. “The Rise of Zombie Firms: Causes and Consequences.” BIS Quarterly Review. https://www.bis.org/publ/qtrpdf/r_qt1809g.pdf
   Google Scholar
• Banerjee, Ryan, and Boris Hofmann. 2020. “Corporate Zombies: Anatomy and Life Cycle.” BIS Working Papers, no. 882.
   Google Scholar
• Banerjee, Ryan, and Enisse Kharroubi. 2018. “The Financial Vulnerabilities Driving Firms to the Exit.” BIS Quarterly Review. https://www.bis.org/publ/qtrpdf/r_qt2012e.pdf.
   Google Scholar
• Caballero, Ricardo J., Takeo Hoshi, and Anil K. Kashyap. 2008. “Zombie Lending and Depressed Restructuring in Japan.” American Economic Review 98 (5): 1943–1977. doi:10.1257/aer.98.5.1943.
   Web of Science ®Google Scholar
• Caligaris, Gastón. 2019. “Distintas Tasas de Ganancia y Tipos de Capitales En La Crítica de La Economía Política. Un Enfoque Alternativo.” In Karl Marx Desde América Latina. Dialéctica, Política y Teoría Del Valor, edited by O Martínez, 391–416. Lima: Ande/GISLAT.
   Google Scholar
• Davis, Leila E. 2018. “Financialization and the Non-Financial Corporation: An Investigation of Firm-Level Investment Behavior in the United States.” Metroeconomica 69 (1): 270–307. doi:10.1111/meca.12179.
   Web of Science ®Google Scholar
• Davis, Leila, and Joao De Souza. 2021. “Churning and Profitability in the U.S. Corporate Sector.” 2021–06. Economics Department Working Paper Series. University of Massachusetts Amherst.
   Google Scholar
• Davis, Leila E, Joao Paulo A de Souza, and Gonzalo Hernandez. 2019. “An Empirical Analysis of Minsky Regimes in the US Economy.” Cambridge Journal of Economics 43 (3): 541–583. doi:10.1093/cje/bey061.
   Web of Science ®Google Scholar
• De Vito, Antonio, and Juan Pedro Gómez. 2020. “Estimating the COVID-19 Cash Crunch: Global Evidence and Policy.” Journal of Accounting and Public Policy 39 (2): 106741. doi:10.1016/j.jaccpubpol.2020.106741.
   Web of Science ®Google Scholar
• Duménil, Gérard, and Dominique Lévy. 2004. “The Real and Financial Components of Profitability (United States, 1952-2000).” Review of Radical Political Economics 36 (1): 82–110. doi:10.1177/0486613403261127.
   Google Scholar
• Evans, Trevor 2004. “Marxian and Post-Keynesian Theories of Finance and the Business Cycle.” Capital & Class 28 (2): 47–100. doi:10.1177/030981680408300104.
   Google Scholar
• Fine, Ben 1985. “Banking Capital and the Theory of Interest.” Science and Society XLIX (44): 387–413.
   Google Scholar
• Gertler, M., and S. Gilchrist. 1994. “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms.” The Quarterly Journal of Economics 109 (2): 309–340. doi:10.2307/2118465.
   Web of Science ®Google Scholar
• Gourinchas, Pierre-Olivier, Ṣebnem Kalemli-Özcan, Veronika Penciakova, and Nick Sander. 2020. “COVID-19 and SME Failures.” 27877. NBER WORKING PAPER SERIES. Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Graña, Juan M. 2018. “Labor Market Trends in a Low and Heterogeneous Productivity Country. Evidence from Argentina’s Manufacturing.” Brazilian Journal of Political Economy 38 (2): 358–376. doi:10.1590/0101-31572018v38n02a08.
   Google Scholar
• Iñigo Carrera, Juan. 2016. “The General Rate of Profit and Its Realisation in the Differentiation of Industrial Capitals Charnock, Greig, and Starosta, Guido.“The New International Division of Labour. Global Transformation and Uneven Development, 25-53. London: Palgrave Macmillan.
   Google Scholar
• Itoh, Makoto 1988. The Basic Theory of Capitalism. The Forms and Substance of the Capitalist Economy. London: Macmillan Press.
   Google Scholar
• Krippner, Greta 2005. “The Financialization of the American Economy.” Socio-Economic Review 3 (3): 173–208. doi:10.1093/SER/mwi008.
   Google Scholar
• Lapavitsas, Costas 2013. Profiting without Producing. How Finance Exploits Us All. London - New York: Verso.
   Google Scholar
• Lapavitsas, Costas 2017. Marxist Monetary Theory. Collected Papers of Costas Lapavitsas. Leiden - Boston: Brill.
   Google Scholar
• Lianos, Theodore P. 1987. “Marx on the Rate of Interest.” Review of Radical Political Economics 19 (3): 34–55. doi:10.1177/048661348701900303.
   Web of Science ®Google Scholar
• Lucarelli, Bill 2010. “Marxian Theories of Money, Credit and Crisis.” Capital & Class 34 (2): 199–214. doi:10.1177/0309816810365120.
   Google Scholar
• Marx, Karl 1992. Capital. A Critique of Political Economy. Volume III. UK: Penguin.
   Google Scholar
• Minsky, Hyman. 2008. Stabilizing an Unstable Economy. New York: McGraw Hill.
   Google Scholar
• Minsky, Hyman. 2016. Can ‘It’ Happen Again?: Essays on Instability and Finance. London and New York: Routledge.
   Google Scholar
• Mussi, Emiliano Andrés. 2019. “Notas metodológicas para el cálculo de la tasa de ganancia de un capital individual industrial en Argentina a partir de las Memorias y Balances.” Economía Teoría y Práctica, no. 51. doi:10.24275/ETYPUAM/NE/512019/Mussi.
   Google Scholar
• Norfield, Tony 2017. The City. London and the Global Power of Finance. London: Verso.
   Google Scholar
• OECD. 2020. Financing SMEs and Entrepreneurs 2020: An OECD Scoreboard. Financing SMEs and Entrepreneurs. Paris: OECD Publishing.
   Google Scholar
• Orhangazi, Özgür. 2008. “Financialization and Capital Accumulation in the Nonfinancial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy, 1973-2004.” Cambridge Journal of Economics 32 (6): 863–886. doi:10.1093/cje/ben009.
   Web of Science ®Google Scholar
• Osada, Mitsuhiro, Kazuki Otaka, Satoko Kojima, Ryuichiro Hirano, Suzuki Genichiro, and Nao Sudo. 2021. “Quantifying the Impact of the COVID-19 Pandemic on Firms’ Default Probability in Japan.” VOX, CEPR Policy Portal 2021.
   Google Scholar
• Pedrosa, Ítalo 2019. “Firms’ Leverage Ratio and the Financial Instability Hypothesis: An Empirical Investigation for the US Economy (1970–2014).” Cambridge Journal of Economics 43 (6): 1499–1523. doi:10.1093/cje/bez004.
   Web of Science ®Google Scholar
• Scharfenaker, Ellis, and Gregor Semieniuk. 2017. “A Statistical Equilibrium Approach to the Distribution of Profit Rates: Distribution of Profit Rates.” Metroeconomica 68 (3): 465–499. doi:10.1111/meca.12134.
   Web of Science ®Google Scholar
• Schivardi, Fabiano, Enrico Sette, and Guido Tabellini. 2017. ‘Credit Misallocation during the European Financial Crisis’. BIS Working Papers, no. 66.
   Google Scholar
• Schivardi, Fabiano, Enrico Sette, and Guido Tabellini. 2020. “Identifying the Real Effects of Zombie Lending’.” Review of Corporate Finance Studies 9 (3): 569–592. doi:10.1093/rcfs/cfaa010.
   Web of Science ®Google Scholar
• Shaikh, Anwar 2016. Capitalism. Competition, Conflict, Crises. New York: Oxford University Press.
   Google Scholar
• Stockhammer, Engelbert 2004. “Financialisation and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741. doi:10.1093/cje/beh032.
   Web of Science ®Google Scholar
• Summers, Larry 2014. “Reflections on the “New Secular Stagnation Hypothesis”.” In Secular Stagnation: Facts, Causes and Cures, edited by Coen Teulings, and Richard Baldwin, 27-38. London: CEPR Press.
   Google Scholar
• Tori, Daniele, and Özlem Onaran. 2018. “The Effects of Financialization on Investment: Evidence from Firm-Level Data for the UK.” Cambridge Journal of Economics 42 (5): 1393–1416. doi:10.1093/cje/bex085.
   Web of Science ®Google Scholar