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Entrepreneurship and the policy environment

Yannis Georgellis () and Howard Wall ()

No 2002-019, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This paper uses a spatial panel approach to examine the effect of the government-policy environment on the level of entrepreneurship. Specifically, we investigate whether marginal income tax rates and bankruptcy exemptions influence rates of entrepreneurship. Whereas previous work in the literature finds that both policies are positively related to entrepreneurship, we find non-monotonic relationships: a U-shaped relationship between marginal tax rates and entrepreneurship and an S-shaped relationship between bankruptcy exemptions and entrepreneurship.

Keywords: Business enterprises; Taxation; Bankruptcy (search for similar items in EconPapers)
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Date: 2004
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Published in Federal Reserve Bank of St. Louis Review, March/April 2006, 88(2), pp. 95-111

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