the nature of entrepreneurship, and the potential economic inefficiencies created by liquidity constraints.2 The current financial crisis has also brought the issue to the forefront because of the large and rapid decline in personal wealth and venture capital funding, and the severe tightening of...
Using the 1983 and 1989 Surveys of Consumer Finances, I find evidence of sharply increasing house-hold wealth inequality over this period. Whereas mean wealth increased by 23 percent in real terms, median wealth grew by only 8 percent. The share of the top one-half percentile rose by five ...
“In 2022, 20 percent of all families, 14 percent of families in the bottom half of the usual income distribution, and nearly half of families in the top decile of the usual income distribution owned a privately held business. Families that owned businesses had higher income and wealth than ...
during the Great Recession eroded not only consumers’ housing wealth but also the assets held by the banking sector. I introduce a micro-founded banking sector to a standard DSGE model with household debt to study the interaction between housing prices, household debt, and banks’ balance sheet...
Abstract The aggregate household saving rate has declined in many nations since the 1980s, partly due to increased borrowing. To explain this puzzling trend, previous scholarship has focused on precarity, welfare state retrenchment, and financial development. Building on research describing marriage’s ...
Household wealth in the U.S. is continuing to see an "unbroken spell of wealth gains" but China has replaced Japan in second place in the world wealth hierarchy, according to Credit Suisse's latest report on global wealth.
Among those at the 10th percentile of test scores, White men’s and women’s households were about equally likely to hold greater than $0 in wealth by the time they reached age 35, both with a predicted probability of about 0.83. In contrast, Black women’s predicted probability was 0.65,...
Growing Farther Apart: Racial and Ethnic Inequality in Household Wealth Across the Distribution Michelle Maroto University of Alberta Abstract: This article investigates net worth disparities by race and ethnicity using pooled data from the 1998–2013 waves of the U.S. Survey of Consumer Finances. ...
by liquidity constraints.[footnoteRef:2] The current financial crisis has also brought the issue to the forefront because of the large and rapid decline in personal wealth and venture capital funding, and the severe tightening of credit to small businesses by banks.[footnoteRef:3] [1: See Evans...
The propensity to become a business owner is a nonlinear function of wealth. The relationship between wealth and entry into entrepreneurship is essentially flat over the majority of the wealth distribution. It is only at the top of the wealth distribution — after the ninety-fifth percentile — ...