کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
972250 932538 2009 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Housing wealth, liquidity constraints and self-employment
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Housing wealth, liquidity constraints and self-employment
چکیده انگلیسی

This paper investigates the existence of liquidity constraints facing entrepreneurs in the United Kingdom. Using a household-level panel data set, entry to self-employment is shown to be a function of household net worth. We use inheritances and unanticipated movements in house prices as instruments for shocks to liquidity. Results indicate that inheritances are a poor instrument for liquidity constraints because both past and future inheritances predict entry to self-employment. House prices shocks are a more plausible instrument because self-employed households disproportionately re-mortgage, but our results again indicate little evidence of house price shocks unbinding liquidity constraints facing the would-be self-employed.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Labour Economics - Volume 16, Issue 1, January 2009, Pages 79–88
نویسندگان
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