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.
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