Liquidity shocks and their effects on entrepreneurship

Detalhes bibliográficos
Autor(a) principal: Torello, Eugenia Josefina Fernandez
Data de Publicação: 2015
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Biblioteca Digital de Teses e Dissertações da USP
Texto Completo: http://www.teses.usp.br/teses/disponiveis/12/12138/tde-21012016-122711/
Resumo: The objective of this study is to analyze how liquidity shocks affect households\' decisions related to entrepreneurial activities in order to identify whether households are liquidity constrained. This study focused on households\' responses to anticipated income shocks, via the receipt of pension benefits, since under complete markets, decisions should not be affected by a liquidity shock when the timing and amount of that shock are known. We exploited the fact that eligibility rules for old age pension were partially determined by age and used a Fuzzy Regression Discontinuity Design to estimate the causal effects. The results suggest that Brazilian small business owners in the informal sector of the economy are liquidity constrained.
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spelling Liquidity shocks and their effects on entrepreneurshipChoques de liquidez e os efeitos sobre empreendedorismoAposentadoriaCreditCréditoEmpreendedorismoEntrepreneurshipLiquidezLiquidityPension benefitsThe objective of this study is to analyze how liquidity shocks affect households\' decisions related to entrepreneurial activities in order to identify whether households are liquidity constrained. This study focused on households\' responses to anticipated income shocks, via the receipt of pension benefits, since under complete markets, decisions should not be affected by a liquidity shock when the timing and amount of that shock are known. We exploited the fact that eligibility rules for old age pension were partially determined by age and used a Fuzzy Regression Discontinuity Design to estimate the causal effects. The results suggest that Brazilian small business owners in the informal sector of the economy are liquidity constrained.O objetivo do presente trabalho é analisar como choques de liquidez afetam as decisões de empreendedorismo dos domicílios a fim de identificar se os domicílios têm restrições de liquidez. Esse trabalho teve como foco a análise das respostas dos domicílios a choques antecipados de renda, advindas da aposentadoria, desde que com mercados completos, decisões não devem ser afetadas por um choque de liquidez quando o momento e a quantidade do choque são conhecidos. Utilizamos regressão descontínua para estimar este efeito causal, dado que a elegibilidade para aposentadoria por idade é parcialmente determinada pela idade do indivíduo. Os resultados sugerem que proprietários de pequenas empresas brasileiras do setor informal da economia sofrem problemas de liquidez.Biblioteca Digitais de Teses e Dissertações da USPMadeira, Gabriel de AbreuTorello, Eugenia Josefina Fernandez2015-11-27info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://www.teses.usp.br/teses/disponiveis/12/12138/tde-21012016-122711/reponame:Biblioteca Digital de Teses e Dissertações da USPinstname:Universidade de São Paulo (USP)instacron:USPLiberar o conteúdo para acesso público.info:eu-repo/semantics/openAccesseng2017-09-04T21:06:17Zoai:teses.usp.br:tde-21012016-122711Biblioteca Digital de Teses e Dissertaçõeshttp://www.teses.usp.br/PUBhttp://www.teses.usp.br/cgi-bin/mtd2br.plvirginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.bropendoar:27212017-09-04T21:06:17Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Liquidity shocks and their effects on entrepreneurship
Choques de liquidez e os efeitos sobre empreendedorismo
title Liquidity shocks and their effects on entrepreneurship
spellingShingle Liquidity shocks and their effects on entrepreneurship
Torello, Eugenia Josefina Fernandez
Aposentadoria
Credit
Crédito
Empreendedorismo
Entrepreneurship
Liquidez
Liquidity
Pension benefits
title_short Liquidity shocks and their effects on entrepreneurship
title_full Liquidity shocks and their effects on entrepreneurship
title_fullStr Liquidity shocks and their effects on entrepreneurship
title_full_unstemmed Liquidity shocks and their effects on entrepreneurship
title_sort Liquidity shocks and their effects on entrepreneurship
author Torello, Eugenia Josefina Fernandez
author_facet Torello, Eugenia Josefina Fernandez
author_role author
dc.contributor.none.fl_str_mv Madeira, Gabriel de Abreu
dc.contributor.author.fl_str_mv Torello, Eugenia Josefina Fernandez
dc.subject.por.fl_str_mv Aposentadoria
Credit
Crédito
Empreendedorismo
Entrepreneurship
Liquidez
Liquidity
Pension benefits
topic Aposentadoria
Credit
Crédito
Empreendedorismo
Entrepreneurship
Liquidez
Liquidity
Pension benefits
description The objective of this study is to analyze how liquidity shocks affect households\' decisions related to entrepreneurial activities in order to identify whether households are liquidity constrained. This study focused on households\' responses to anticipated income shocks, via the receipt of pension benefits, since under complete markets, decisions should not be affected by a liquidity shock when the timing and amount of that shock are known. We exploited the fact that eligibility rules for old age pension were partially determined by age and used a Fuzzy Regression Discontinuity Design to estimate the causal effects. The results suggest that Brazilian small business owners in the informal sector of the economy are liquidity constrained.
publishDate 2015
dc.date.none.fl_str_mv 2015-11-27
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.teses.usp.br/teses/disponiveis/12/12138/tde-21012016-122711/
url http://www.teses.usp.br/teses/disponiveis/12/12138/tde-21012016-122711/
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv
dc.rights.driver.fl_str_mv Liberar o conteúdo para acesso público.
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Liberar o conteúdo para acesso público.
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.coverage.none.fl_str_mv
dc.publisher.none.fl_str_mv Biblioteca Digitais de Teses e Dissertações da USP
publisher.none.fl_str_mv Biblioteca Digitais de Teses e Dissertações da USP
dc.source.none.fl_str_mv
reponame:Biblioteca Digital de Teses e Dissertações da USP
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Biblioteca Digital de Teses e Dissertações da USP
collection Biblioteca Digital de Teses e Dissertações da USP
repository.name.fl_str_mv Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)
repository.mail.fl_str_mv virginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.br
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