创业
抵押品
人口普查
房地产
衡平法
经济
房价
房屋净值
货币经济学
劳动经济学
财务
作者
Sari Pekkala Kerr,William R. Kerr,Ramana Nanda
标识
DOI:10.1016/j.jmoneco.2022.06.002
摘要
• Explores impact of dramatic 2000s run-up in house prices for entrepreneurship. • Quantifies collateral channel is a tenth or less of macro correlation. • Quantifies heterogeneity in entrant types and survival. • Quantifies entry by individual wealth and likely borrowing constraints. • Provides novel evidence on use of home equity loans by small businesses. During 1992–2007, house price growth is strongly correlated with local entrepreneurship. We show with Census Bureau data that most of this entry is related to construction and real estate; these entrants tend to be small and short-lived. Using a 1998 Texas reform that allowed home equity lending for the first time in the state, we isolate that entrepreneurship through the collateral channel tends to be longer-lived and more balanced across sectors. The collateral channel is a tenth or less of the entry associated with house price increases, driven by a small share of homeowners who are constrained without price growth.
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