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Equilibrium entrepreneurship rate, economic development and growth. Evidence from Spanish regions

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  • José A. Belso Martínez
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    Abstract

    Over the last few years the entrepreneurship phenomenon has become a frequent target for policymakers and economic researchers. Recently, a series of studies has identified the contribution of entrepreneurship to unemployment reduction and economic growth. At the same time, some researchers point out the increasing relevance of small and medium businesses in the developed economies. The aim of the study is to analyse the evolution of the entrepreneurship equilibrium rate as an economy reaches higher levels of development, to investigate how the entrepreneurship rate responds in contexts of imbalance, and how these imbalances affect economic growth. After a series of hypotheses, we have built up a model of two equations with provincial data for the period 1998--2002. From this model, we have verified the following evidence: the relationship between the level of development and the entrepreneurship equilibrium rate initially decreases and later increases, the existence of an automatic fit mechanism in situations of imbalance in the entrepreneurship rate, a penalization of economic growth for any deviation from the equilibrium rate and heterogeneous behaviour of the entrepreneurship rate in different Spanish regions.

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    File URL: http://hdl.handle.net/10.1080/08985620500032633
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Entrepreneurship & Regional Development.

    Volume (Year): 17 (2005)
    Issue (Month): 2 (March)
    Pages: 145-161

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    Handle: RePEc:taf:entreg:v:17:y:2005:i:2:p:145-161

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    1. Jock Collins, 2003. "Cultural diversity and entrepreneurship: policy responses to immigrant entrepreneurs in Australia," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 15(2), pages 137-149, January.
    2. Davis, Steven J & Haltiwanger, John & Schuh, Scott, 1996. " Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts," Small Business Economics, Springer, vol. 8(4), pages 297-315, August.
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    4. Monder Ram & David Smallbone, 2003. "Policies to support ethnic minority enterprise: the English experience," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 15(2), pages 151-166, January.
    5. Udo Brixy & Michael Niese, 2003. "The determinants of regional differences in new firm formation in West-Germany," ERSA conference papers ersa03p268, European Regional Science Association.
    6. Schultz, T Paul, 1990. "Women's Changing Participation in the Labor Force: A World Perspective," Economic Development and Cultural Change, University of Chicago Press, vol. 38(3), pages 457-88, April.
    7. Blau, David M, 1987. "A Time-Series Analysis of Self-employment in the United State," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 445-67, June.
    8. Schmitz, James A, Jr, 1989. "Imitation, Entrepreneurship, and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 721-39, June.
    9. Murat F. Iyigun & Ann L. Owen, 1997. "Risk, entrepreneurship and human capital accumulation," Finance and Economics Discussion Series 1997-37, Board of Governors of the Federal Reserve System (U.S.).
    10. Peter J. Kuhn & Herb J. Schuetze, 2001. "Self-employment dynamics and self-employment trends: a study of Canadian men and women, 1982-1998," Canadian Journal of Economics, Canadian Economics Association, vol. 34(3), pages 760-784, August.
    11. Carree, Martin & Klomp, Luuk, 1996. " Small Business and Job Creation: A Comment," Small Business Economics, Springer, vol. 8(4), pages 317-22, August.
    12. Dan Johansson, 2004. "Is small beautiful? The case of the Swedish IT industry," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 16(4), pages 271-287, July.
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    Cited by:
    1. Amoros, Jose Ernesto, 2009. "Entrepreneurship and Quality of Institutions," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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