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Beggar-thy-neighbor interest rate policies

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Persistence in entrepreneurship and its implications for the European entrepreneurial promotion policy Journal of Policy Modeling 36 (2014) 83–106 Available online at ScienceDirect Persistence in entrepreneurship and its implications for the European entrepreneurial promotion policy José María Millán ∗, Emilio Congregado, Concepción Román Departamento de Economía, Universidad de Huelva, Facultad de Ciencias Empresariales, Plaza de la Merced 11, 21071 Huelva, Spain Received 16 December 2012; received in revised form 6 July 2013; accepted 22 September 2013 Available online 16 October 2013 Abstract By considering entrepreneurs who hire employees – employers – and entrepreneurs without personnel – own-account workers – as related but distinct groups within entrepreneurship, this work analyzes the roles of different factors in entrepreneurship survival in Europe from a new perspective: contrasting the determinants of own-account workers’ survival with those affecting employers’ survival in the EU-15. Our results confirm the presence of persistence in entrepreneurship. However, we also obtain a strong negative effect on survival of entering entrepreneurship from unemployment. Hence, policymakers should balance these mixed results to evaluate the medium- and long-term suitability of the existing entrepreneurial promotion policy across European regions. © 2013 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. JEL classification: J24; J28; J38; J64; J68 Keywords: Entrepreneurship; Own-account workers; Employers; Business cycle; Persistence 1. Introduction As the global economy continue to wrestle with the threatening downward spiral since the financial and economic crisis of 2008, efforts to find alternative sources of economic growth are intensifying. In some European economies, however, their challenge is to ensure the recovery to ∗ Corresponding author. Tel.: +34 959 217 886; fax: +34 959 217 828. E-mail addre

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