House prices, home equity and entrepreneurship: Evidence from US census micro data

• 成果类型: Article
• 署名作者: Kerr, Sari Pekkala; Kerr, William R.; Nanda, Ramana
• 署名单位: Wellesley College; Harvard University; Imperial College London
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.06.002
• 发表日期: 2022
• 页码: 103-119
• 关键词: house prices; mortgages; Collateral channel; entrepreneurship; entry

摘要

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 entrepreneur-ship through the collateral channel tends to be longer-lived and more balanced across sec-tors. The collateral channel is a tenth or less of the entry associated with house price in-creases, driven by a small share of homeowners who are constrained without price growth. (c) 2022 Elsevier B.V. All rights reserved.