The unintended consequences of easy money: How access to finance impedes entrepreneurship
This paper investigates the manner in which economic policy promotes entrepreneurship, and how this relates to the monetary sources of the business cycle. Whilst access to finance is commonly seen as a crucial means to generate economic growth, efforts to expand the money supply beyond the stock of...
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| Published in | The Review of Austrian economics Vol. 29; no. 3; pp. 233 - 252 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer US
01.09.2016
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper investigates the manner in which economic policy promotes entrepreneurship, and how this relates to the monetary sources of the business cycle. Whilst access to finance is commonly seen as a crucial means to generate economic growth, efforts to expand the money supply beyond the stock of real savings leads to systemic crises. Therefore the admirable policy goal of promoting more credit for entrepreneurs—whether through access to finance, SME support or regional development—can lead to negative unintended consequences. |
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| AbstractList | This paper investigates the manner in which economic policy promotes entrepreneurship, and how this relates to the monetary sources of the business cycle. Whilst access to finance is commonly seen as a crucial means to generate economic growth, efforts to expand the money supply beyond the stock of real savings leads to systemic crises. Therefore the admirable policy goal of promoting more credit for entrepreneurs—whether through access to finance, SME support or regional development—can lead to negative unintended consequences. |
| Author | Evans, Anthony J. |
| Author_xml | – sequence: 1 givenname: Anthony J. surname: Evans fullname: Evans, Anthony J. email: anthonyjevans@gmail.com organization: ESCP Europe Business School |
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| CitedBy_id | crossref_primary_10_1146_annurev_economics_082322_021346 crossref_primary_10_35297_qjae_010096 crossref_primary_10_1016_j_enpol_2022_113319 crossref_primary_10_2139_ssrn_3634581 crossref_primary_10_3390_jrfm14010015 crossref_primary_10_1108_IJSE_09_2021_0527 crossref_primary_10_1007_s00191_022_00761_y |
| Cites_doi | 10.1023/B:SBEJ.0000022235.10739.a8 10.1257/jep.23.1.101 10.1057/9780230628045 10.1086/261779 10.1007/s11187-004-6994-6 10.2307/1992535 10.1007/s12113-008-9034-6 10.4324/9780203466650 10.1068/c0436 10.1007/s12113-998-1008-1 10.1068/c0762b 10.1023/A:1008063200484 10.1016/j.jimonfin.2006.07.005 10.1016/j.jbankfin.2006.05.005 10.1080/08985626.2011.577818 10.1086/261712 10.1007/BF01102135 10.1017/CBO9780511819438 10.1023/A:1011153921409 10.1080/01944360408976336 10.1007/s11138-010-0124-2 10.1023/A:1022953123111 10.1017/CBO9781139021173 10.1023/B:RAEC.0000026833.26220.2d 10.1016/S1529-2134(03)06005-8 10.2307/2109378 10.1177/096977640000700302 10.1177/089124240001400105 10.1177/104225878801200401 10.1111/etap.12037 10.2139/ssrn.2443816 10.3386/w11224 10.1080/0034340032000128767 10.1007/0-387-23622-8_4 10.4324/9780203456309 10.2139/ssrn.188548 10.4337/9781849805001 |
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| SubjectTerms | Adverse selection Area planning & development Budget deficits Business cycles Economic crisis Economic growth Economic policy Economic theory Economics Economics and Finance Entrepreneurs Entrepreneurship History of Economic Thought/Methodology Interest rates Macroeconomics Monetary policy Moral hazard Political Science Public Finance Public policy Recessions Small & medium sized enterprises-SME Studies |
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| Title | The unintended consequences of easy money: How access to finance impedes entrepreneurship |
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