Housing Collateral, Credit Constraints and Entrepreneurship – Evidence from a Mortgage Reform,  Ramana Nanda, September 2011, Paper, “We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using individual-level micro data from Denmark. The reform allows us to disentangle the role of credit access from wealth effects that typically confound analyses of the collateral channel. We find that a $30,000 increase in credit availability led to a 12 basis point increase in entrepreneurship, equivalent to a 4% increase in the number of entrepreneurs… Link