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Zombies, Insolvency Reform, and Misallocation of Capital
Using firm-level data from 22 economies (2003？2024), the study finds that effective insolvency reforms significantly reduce scale misallocation. This yields an estimated productivity gain of 3.5% within 5 years of the reform. Reforms curb debt and increase borrowing costs for distressed firms, while previously credit-constrained firms gain improved access to funding and investment opportunities.
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