3 Bartelsman, E., López-Garcia, P. & G. Presidente, “Cyclical and structural variation in resource reallocation in  Europe”, mimeo. 4 See, e.g. See Gopinath et al. (2015): “Capital Allocation and Productivity in South Europe”, NBER Working Paper  No. 21453; Borio et al.
(2016): “Labour reallocation and productivity dynamics: financial causes, real consequences,” Bank for International Settlements Working Papers 534; Andrews, D. & F. Petroulakis (2017), “Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe”, OECD Economics Working Papers No.1433. 5/5  BIS central bankers' speeches