全球智库信息集成服务系统(G2TT): DP6514 Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6514
	DP6514 Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?
	Steven Ongena; José-Luis Peydró; Gabriel Jiménez; Jesús Saurina
发表日期	2007-10-05
出版年	2007
语种	英语
摘要	If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway. Consistent with liquidity constraints being present, we find a strong positive relationship between founder prior wealth and start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets, increases for the main bulk of the wealth distribution and decreases sharply at the top. We estimate that profitability on assets increases by about 8 percentage points from the 10th to the 75th percentile of the wealth distribution. This suggests an entrepreneurial production function with a region of increasing returns. Liquidity constraints may then stop entrepreneurs from being able to exploit a "hump" in marginal productivity. From the 75th to the 99th percentile returns drops by about 10 percentage points. This suggests that an abundance of liquidity may to do more harm than good.
主题	Financial Economics ; Industrial Organization ; Labour Economics ; Public Economics
关键词	entrepreneurship Household finance Private benefits Start-ups Wealth
URL	https://cepr.org/publications/dp6514
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/535352
推荐引用方式 GB/T 7714	Steven Ongena,José-Luis Peydró,Gabriel Jiménez,et al. DP6514 Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?. 2007.