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House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data / Sari Kerr, William R. Kerr, Ramana Nanda.
- Format:
- Book
- Author/Creator:
- Kerr, Sari.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21458.
- NBER working paper series no. w21458
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- House Prices, Home Equity and Entrepreneurship
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2015.
- Summary:
- During 1992-2007, house price growth is strongly correlated with local entrepreneurship. We show with Census Bureau data that most of this entry is related to construction and real estate; these entrants tend to be small and short-lived. Using a 1998 Texas reform that allowed home equity lending for the first time in the state, we isolate that entrepreneurship through the collateral channel tends to be longer-lived and more balanced across sectors. The collateral channel is a tenth or less of the entry associated with house price increases, driven by a small share of homeowners who are constrained without price growth.
- Notes:
- Print version record
- August 2015.
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