CREDIT CONSTRAINTS, JOB MOBILITY, AND ENTREPRENEURSHIP: EVIDENCE FROM A PROPERTY REFORM IN CHINA

• 成果类型: Article
• 署名作者: Wang, Shing-Yi
• 署名单位: New York University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00160
• 发表日期: 2012-05
• 页码: 532-551
• 关键词: health-insurance; RIGHTS; INVESTMENT; unemployment; CHOICE

摘要

This paper provides new evidence on the impact of private property rights and employer-provided housing on entrepreneurship. I find an increase in self-employment following a reform in urban China that allowed state employees who were renting state-owned housing the opportunity to buy their homes at subsidized prices. I develop a model of job choice to test two mechanisms that might explain how the reform increased entrepreneurship. I find evidence that the reform reduced labor mobility costs and alleviated credit constraints by allowing households to capitalize on the value of the real estate.