labor, which results in lower productivity, investment, and value added. Without a rise in zombie credit, inflation in …. Granular European data on inflation, firms, and banks confirm this mechanism. Industry-country pairs affected by a rise of … Europe would have been 0.4 percentage point higher post-2012. …

-decker' banking integration exposed domestic banks to sharp declines in cross-border interbank lending during the eurozone crisis. As … shock leading to a sudden stop in cross-border interbank lending in the eurozone is required to account for them. …

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in … from international banks. Eurozone banking integration in the years 2000-2008 mainly involved cross-border lending between …