House Prices, The Supply of Collateral and the Enterprise Economy
研究英国房价上涨如何通过增加房屋抵押品供给促进新企业注册，发现未释放的住房净值每增加10%，新增值税注册企业数约增5%，且这些企业质量不低于平均水平。
This paper investigates the extent to which the supply of collateral affects business formation in the UK. Bank loans are typically secured on the entrepreneur's house. Using a variety of data and formulations, evidence is found that a 10% rise in the value of unreleased net housing equity increases the number of new VAT registrations by some 5%. Since we find that businesses formed in response to increases in the value of housing assets seem to be of at least average quality as measured by survival chances, there appears to be a large pool of untapped entrepreneurial talent.