decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average … collateralizable housing wealth in a region delays chains' entry into franchising by 0.28 years on average, 9 percent of the average …

decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average … collateralizable housing wealth in a region delays chains ́entry into franchising by 0.28 years on average, 9 percent of the average …

output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality …This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … lender such as a government, central bank, or banking sector is willing to lend infinitely against collateral, explosive …