Credit Constraints, Job Mobility, and Entrepreneurship: Evidence from a Property Reform in China
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. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Volume (Year): 94 (2012)
Issue (Month): 2 (May)
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