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| Author: | Kerr, W. R. Nanda, R. |
| Title: | Democratizing entry: banking deregulations, financing constraints, and entrepreneurship |
| Journal: | Journal of Financial Economics
2009 : OCT, VOL 94:1, p. 124-149 |
| Index terms: | banking entrepreneurship growth USA capital markets |
| Language: | eng |
| Abstract: | The article discusses entrepreneurship in relation to creative destruction after US banking deregulations. These deregulations have been followed by increases in entrepreneurship and business closures. Data from the years 1976-2001 are used in the study. The results of the study suggest that the most significant effect was the increase of churning around the new businesses. According to the authors' arguments, creative destruction requires numerous business failures in addition to the few success stories. Democratizing entry is claimed to be very important for functioning capital markets. |
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