| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18868 |
| 来源ID | Working Paper 18868 |
| House Prices, Collateral and Self-Employment | |
| Manuel Adelino; Antoinette Schoar; Felipe Severino | |
| 发表日期 | 2013-03-08 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper documents the role of the collateral lending channel to facilitate small business starts and self-employment in the period before the financial crisis of 2008. We document that between 2002 and 2007 areas with a bigger run up in house prices experienced a strong increase in employment in small businesses compared to employment in large firms in the same industries. This increase in small business employment was particularly pronounced in (1) industries that need little startup capital and can thus more easily be financed out of increases in housing as collateral; (2) manufacturing industries where goods are shipped over long distances, which rules out that local demand is driving the expansion. We show that this effect is separate from an aggregate demand channel that relies on home equity based borrowing leading to increased demand and employment creation. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w18868 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576543 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Antoinette Schoar,Felipe Severino. House Prices, Collateral and Self-Employment. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18868.pdf（386KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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