Skip to main content
Journal cover image

House prices, collateral, and self-employment

Publication ,  Journal Article
Adelino, M; Schoar, A; Severino, F
Published in: Journal of Financial Economics
January 1, 2015

We show the importance of the collateral lending channel for small business employment over the past decade. Small businesses in areas with greater increases in house prices experienced stronger growth in employment than large firms in the same areas and industries. To identify the role of the collateral lending channel separately from aggregate changes in demand, we show that this effect is more pronounced in industries that need little start-up capital and in which housing collateral is more important. This increase is also present in manufacturing industries, particularly those that ship goods over long distances. In aggregate, the collateral lending channel explains 15-25% of employment variation.

Duke Scholars

Altmetric Attention Stats
Dimensions Citation Stats

Published In

Journal of Financial Economics

DOI

ISSN

0304-405X

Publication Date

January 1, 2015

Volume

117

Issue

2

Start / End Page

288 / 306

Related Subject Headings

  • Finance
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1606 Political Science
  • 1502 Banking, Finance and Investment
  • 1402 Applied Economics
 

Citation

APA
Chicago
ICMJE
MLA
NLM
Adelino, M., Schoar, A., & Severino, F. (2015). House prices, collateral, and self-employment. Journal of Financial Economics, 117(2), 288–306. https://doi.org/10.1016/j.jfineco.2015.03.005
Adelino, M., A. Schoar, and F. Severino. “House prices, collateral, and self-employment.” Journal of Financial Economics 117, no. 2 (January 1, 2015): 288–306. https://doi.org/10.1016/j.jfineco.2015.03.005.
Adelino M, Schoar A, Severino F. House prices, collateral, and self-employment. Journal of Financial Economics. 2015 Jan 1;117(2):288–306.
Adelino, M., et al. “House prices, collateral, and self-employment.” Journal of Financial Economics, vol. 117, no. 2, Jan. 2015, pp. 288–306. Scopus, doi:10.1016/j.jfineco.2015.03.005.
Adelino M, Schoar A, Severino F. House prices, collateral, and self-employment. Journal of Financial Economics. 2015 Jan 1;117(2):288–306.
Journal cover image

Published In

Journal of Financial Economics

DOI

ISSN

0304-405X

Publication Date

January 1, 2015

Volume

117

Issue

2

Start / End Page

288 / 306

Related Subject Headings

  • Finance
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1606 Political Science
  • 1502 Banking, Finance and Investment
  • 1402 Applied Economics