Housing wealth, liquidity constraints and self-employment
Housing wealth, liquidity constraints and self-employment
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DOI：
10.1016/j.labeco.2008.05.002
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发表时间：
2009-01-01
期刊：
影响因子：
2.4
通讯作者：
Gathergood, John
中科院分区：
文献类型：
--
作者：
Disney, Richard;Gathergood, John
本文研究了英国企业家面临的流动性约束的存在。使用一个家庭一级的面板数据集，进入自营职业是家庭净资产的函数。我们使用房价的继承性和意外波动作为流动性冲击的工具。结果表明，继承是流动性限制的一个不良工具，因为过去和未来的继承预测进入自营职业。房价冲击是一个更合理的工具，因为自雇家庭不成比例地再抵押贷款，但我们的研究结果再次表明，几乎没有证据表明，房价冲击解除流动性约束面临的潜在自雇。(C)2008 Elsevier B.V.保留所有权利。
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. (C) 2008 Elsevier B.V. All rights reserved.