(2023): Small and medium-sized firms  12  10  8  6  4  2  0 CY 85  87  89  91  93  95  97  99  01  03  05  07  09  11  13  15  17  19  Note: Figures for Yamada et al.
(2023) are calculated using data from NIKKEI NEEDS-Financial QUEST and the Credit Risk Database. Sources: Banerjee, R. N., and Hofmann, B., "Corporate Zombies: Anatomy and Life Cycle," BIS Working Papers, no. 882 (2022), https://www.bis.org/publ/work882.htm; Yamada, K. et al., "Corporate Finance Facility and Resource Allocation: Research Trends and Developments during the Spread of COVID-19," Bank of Japan Working Paper Series, no. 23-E-1 (January 2023), https://www.boj.or.jp/en/research/wps_rev/wps_2023/data/wp23e01.pdf.