Housing wealth, liquidity constraints and self-employment

被引：40
|
作者：
Disney, Richard [1 ,2 ]
Gathergood, John
机构：
[1] Univ Nottingham, Sch Econ, Nottingham NG7 2RD, England
[2] Inst Fiscal Studies, London, England
来源：
LABOUR ECONOMICS | 2009年 / 16卷 / 01期
关键词：
Self employment; Liquidity; Windfalls; ENTREPRENEURIAL CHOICE; WINDFALL GAINS; MODEL;
D O I：
10.1016/j.labeco.2008.05.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：79 / 88
页数：10
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