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Financial Constraints and Self-Employment in France, 1945-2014
[Les contraintes financières et l'entrepreneuriat en France de 1945 à 2014]

Author

Listed:
  • Arthur Bauer

    (INSEE - Institut national de la statistique et des études économiques (INSEE), CREST-INSEE - Centre de Recherche en Economie et en Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - IP Paris - Institut Polytechnique de Paris - INSEE - Institut national de la statistique et des études économiques (INSEE))

  • Bertrand Garbinti

    (Banque de France, CREST-INSEE - Centre de Recherche en Economie et en Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - IP Paris - Institut Polytechnique de Paris - INSEE - Institut national de la statistique et des études économiques (INSEE))

  • Simon Georges-Kot

    (INSEE - Institut national de la statistique et des études économiques (INSEE), CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper studies the evolution over time of the effects on entry and survival into self- employment of inheritance receipt and real estate price variations. We focus on France over the period 1945-2014, and we estimate these effects by comparing (i) current inheritors with future inheritors and (ii) homeowners without a mortgage outstanding to renters or to those with a mortgage outstanding, for whom home equity extraction is not possible in France. Our main finding is that the effect of both wealth shocks on men's entry into self-employment has decreased over time; we find no significant effect of either wealth shock since the mid-2000s. We discuss potential causes for this trend, including changes in the financial regulation and in the sectoral composition of the economy. We also find no evidence of an effect of wealth shocks on women's entry into self-employment, at any point in time.

Suggested Citation

  • Arthur Bauer & Bertrand Garbinti & Simon Georges-Kot, 2018. "Financial Constraints and Self-Employment in France, 1945-2014 [Les contraintes financières et l'entrepreneuriat en France de 1945 à 2014]," Working Papers hal-05409611, HAL.
    • Handle: RePEc:hal:wpaper:hal-05409611
    Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05409611v1
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    1. is not listed on IDEAS
    2. Bertrand Garbinti & Frédérique Savignac, 2020. "Accounting for Intergenerational Wealth Mobility in France over the 20th Century: Method anDeestimations," Working papers 776, Banque de France.
    3. Pierre PORA & Lionel WILNER, 2019. "Child Penalties and Financial Incentives: Exploiting Variation along the Wage distribution," Working Papers 2019-17, Center for Research in Economics and Statistics.
    4. J.-P. Cling & S. Eghbal-Teherani & M. Orzoni & C. Plateau, 2019. "The Differences between EU Countries for Sustainable Development Indicators: It is (mainly) the Economy!," Documents de Travail de l'Insee - INSEE Working Papers g2019-06, Institut National de la Statistique et des Etudes Economiques.
    5. repec:ces:ifodic:v:16:y:2018:i:2:p:50000000002755 is not listed on IDEAS
    6. Alexander Krenek & Margit Schratzenstaller-Altzinger & Klaus Grünberger & Andreas Thiemann, 2021. "INTAXMOD – Inheritance and Gift Taxation in the Context of Ageing," WIFO Working Papers 645, WIFO.
    7. Gilbert Cette & Lorraine Koehl & Thomas Philippon, 2019. "The Labor Share in the Long Term: A Decline?," Post-Print hal-02446713, HAL.
    8. Carole Bonnet & Fanny Godet & Anne Solaz, 2019. "Gendered economic determinants of couple formation over 50 in France," Working Papers G2019/13, French Institute for Demographic Studies.
    9. Schratzenstaller, Margit, 2025. "Behavioral responses to inheritance taxation – A review of the empirical literature," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 238-260.
    10. Philippe CHONÉ & Lionel WILNER, 2019. "Competition on Unobserved Attributes: The Case of the Hospital Industry," Working Papers 2019-21, Center for Research in Economics and Statistics.
    11. Bertrand Garbinti & Jonathan Goupille-Lebret, 2018. "The Impact of Inheritance and Transfer Taxation on Economic Behaviours and Inequality: A Literature Review for France," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(02), pages 13-18, August.
    12. A. Godzinski & M. Suarez Castillo, 2019. "Short-term health effects of public transport disruptions: air pollution and viral spread channels," Documents de Travail de l'Insee - INSEE Working Papers g2019-03, Institut National de la Statistique et des Etudes Economiques.
    13. Bertrand Garbinti & Frédérique Savignac, 2020. "Intergenerational Home Ownership in France over the Twentieth Century," NBER Chapters, in: Measuring Distribution and Mobility of Income and Wealth, pages 411-435, National Bureau of Economic Research, Inc.
    14. P. Givord & M. Suarez Castillo, 2019. "Excellence for all? Heterogeneity in high-schools’ value-added," Documents de Travail de l'Insee - INSEE Working Papers g2019-14, Institut National de la Statistique et des Etudes Economiques.

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    Keywords

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    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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