TAILIEUCHUNG - The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle

By contributing a minimal amount you can accrue benefits for every year you are overseas. If you decide to work within the mission you will continue to contribute to your Social Security plan through payroll deductions. However, if you decide to work on the local economy or initiate a home-based business, you will need to earn “credits” by contributing through self- employment taxes or through a totalization agreement. In order to qualify for Social Security payments you have to earn a certain number of credits in a lifetime. If you were born prior to 1929 you. | The Economics of Small Business Finance The Roles of Private Equity and Debt Markets in the Financial Growth Cycle Allen N. Berger Board of Governors of the Federal Reserve System Washington DC 20551 . and Wharton Financial Institutions Center Philadelphia PA 19104 . Gregory F. Udell Stem School of Business New York University New York NY 10012 . Forthcoming Journal of Banking and Finance Volume 22 1998 Abstract We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues review the literature and suggest topics for future research. JEL classification codes G21 G28 G34 E58 L89 Key words Venture Capital Small Business Lending Bank Mergers The opinions expressed do not necessarily reflect those of the Board of Governors or its staff. The authors thank Zoltán Acs Mitch Berlin Emilia Bonaccorsi Seth Bonime Mark Carey Dan Covitz Maria Filson Hesna Genay Gibi George Mark Gertler Jere Glover Diana Hancock Anil Kashyap Nellie Liang Zachary Magaw Nicole Meleney Loretta Mester Don Morgan Patricia Miller-Edwards Charles Ou Linda Pitts Loretta Poole Phil Strahan Larry White and John Wolken for help with the article. Please address correspondence to Allen N. Berger Mail Stop 153 Federal Reserve Board 20th and c Sts. NW Washington DC 20551 call 202-452-2903 fax 202-452-5295 or email aberger@. I. Introduction The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus stems from the belief that innovation -- particularly in the high .

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