Interest Rate Restrictions in a Natural Experiment
Loan Allocation and the Change in the Usury Laws in 1714
Datos Bibliográficos
| ID | 9718977 |
|---|---|
| Autores | Peter Temin (0000-0001-8132-563X, MIT and NBER), Hans-Joachim Voth (0000-0003-4518-3149, Institució Catalana de Recerca i Estudis Avançats), Hans‐joachim Voth (ICREA/Universitat Pompeu Fabra and CREI) |
| Año | 2008 |
| Volumen | 118 |
| Número | 528 |
| Páginas | 743-758 |
| Fecha de publicación | 2008-04-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2008.02140.x |
| OpenAlex | W2102107492 |
| Idioma | EN |
| Citas recibidas | 9 |
| Referencias citadas | 34 |
This article studies the effects of interest rate restrictions on loan allocation. The British government tightened the usury laws in 1714, reducing the maximum permissible interest rate from 6% to 5%. A sample of individual loan transactions reveals that average loan size and minimum loan size increased strongly, while access to credit worsened for those with little social capital. Collateralised credits, which had accounted for a declining share of total lending, returned to their former role of prominence. Our results suggest that the usury laws distorted credit markets significantly; we find no evidence that they offered a form of Pareto-improving social insurance
Economics · Law and economics · Loan · Natural (archaeology · Natural experiment · Political science · Theology · Usury · Banking stability, regulation, efficiency · Economic theories and models · Finance · History · Law · Medicine · Monetary Policy and Economic Impact · Philosophy
Pricing the Future in the Seventeenth Century
The Cambridge Economic History of Modern Europe
The Structure and Stability of John Law’s Early Land Bank Proposals
The C haritable C orporation for the Relief of Industrious Poor
Usury laws and private credit in Lima, Peru. Evidence from notarized records
Occupational Choice and the Spirit of Capitalism
Compound Interest Corrected
External debt and commitment mechanisms
Seeing credit and property rights from below
The British industrial revolution
Economic fluctuations in England, 1700-1800
Religion and the Rise of Capitalism. By R. H. Tawney. (New York
The Rise of Financial Capitalism
Implementing Matching Estimators for Average Treatment Effects in Stata
Computing Interaction Effects and Standard Errors in Logit and Probit Models
Entrepreneurship
Finance and Growth
Matching As An Econometric Evaluation Estimator
Protestant Ethic and the ‘Spirit of Capitalism’
The Sinews of Power
The Direct Costs of Financial Repression
The Medieval Origins of the Financial Revolution
An Empty Shell? Rethinking the Usury Laws in Medieval Europe
The Economics of Usury Regulation
Why Was British Growth So Slow During the Industrial Revolution
Constitutions and Commitment
Rediscovering Risk
Credit rationing and crowding out during the industrial revolution
Financial Development, Economic Growth and Banking Sector Controls
In Favour of Financial Liberalisation
Buying a passport to heaven
Quantile Regression
The British Industrial Revolution
London Private Bankers, 1720-1785
| Obras citantes distintas | 9 |
|---|---|
| Citas por año | 0,5 |
| Intervalo de citas | 2008 - 2023 (16) |
| Velocidad de citación | historical |
| Altamente citado | No |
| Tipos de cita | Neutras: 8 |