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• W3200135964 abstract "This thesis examines the role of housing ascollateral and occupational choices in aggregate economies.Chapter 1 studies the impact of house price fuctuations on smallbusinesses. The unprecedented upheavals in the U.S. housing marketsince 2000 and corresponding oscillations in home equity valuesprofoundly affected the net worth and borrowing capacities ofindividual households. I develop a quantitative model wherechanges in house prices influence households' borrowing capacities,which in turn influence the entry-exit and expansion-contractiondecisions of small business owners. I show that the housingcollateral effect can explain the empirically observed strongcorrelation between house prices and small business activities (asmeasured by the number of businesses and the number of employeesin the small business sector). Next, I conduct an experiment tomeasure how much of the shrinkage in small business activitiesduring the recent recession can be explained by the housingcollateral effect. I argue that the decrease in the value ofhousing as collateral, following the housing market crash in 2007,can account for 53 percent of the decrease in the number of smallbusinesses and 98 percent of the decrease in the level of smallbusiness employment. In Chapter 2, I present an occupationalchoice model which emphasizes the use of housing as collateral andapply the model to examine the magnitude of the effect of ahousing boom on economic growth in countries at different stages offinancial development. The model results are twofold. First, ahousing boom mitigates capital misallocation which results from anincomplete financial system, by expanding a business owner'sborrowing capacity through an increase in collateral value, andthus boosts economy. Second, the impact of a housing boom isgreater in countries with less developed financial systems. Iprovide empirical evidence to support the model results. To getaround an endogeneity issue regarding housing booms (whether hous-ing booms boost economy through increases in collateral value orsome other third factor boosts economy and thereby increases houseprices), I focus on an essential difference between financialinstitutions (banks) and financial markets (stock mar- kets): onlythe former requires the provision of collateral in credittransactions. I use two sets of indicators - one for financialinstitutions and the other for financial markets - to proxy thelevel of financial development. The analysis of 23 housing boomepisodes in 55 countries from 1997 to 2012 reveals that economicgrowth and financial development are inversely related when thelevel of financial development is measured by financialinstitutions, but unrelated when the level of financial developmentis measured by financial markets. The collateral impact of ahousing boom also turns out to be greater in countries whoseeconomies rely more on small firms. Both these empirical findingsare in favor of the model results." @default.
• W3200135964 created "2021-09-27" @default.
• W3200135964 creator A5038168328 @default.
• W3200135964 date "2015-01-01" @default.
• W3200135964 modified "2023-09-27" @default.
• W3200135964 title "Essays on housing collateral andmacroeconomics" @default.
• W3200135964 hasPublicationYear "2015" @default.
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