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

页码：79 / 88

页数：10

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