Luis Felipe Zegarra
Biographic Data
| ID | 4167079 |
|---|---|
| NAME | Luis Felipe Zegarra |
| GIVEN NAMES | Luis Felipe |
| FAMILY NAME | Zegarra |
| SIGNATURE | ZEGARRA L F |
| AFFILIATIONS | Pontificia Universidad Católica del Perú |
| ORCID | 0000-0002-9956-8055 |
| VERIFIED | Yes |
| TOTAL WORKS | 20 |
| TOTAL CITATIONS | 21 |
| AUTHOR COUNT | 20 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2011 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 3 |
Frequent lenders and the credit market of Lima. An analysis of notarized loans
This article examines the role of frequent lenders in the credit market of Lima between 1840 and 1865. Frequent lenders were wealthy individuals, many of them merchants or proprietors. Their credit activity was not concentrated among the richest borrowers in Lima; they also served middle- and low-income individuals. In addition, they diversified risk by lending to borrowers from different sectors. Consistent with the hypothesis that frequent lend…
Wages, prices and living standards in a growing economy. The case of Boston, Massachusetts
This study analyzes the living standards of laborers in Boston, Massachusetts in 1785-1900. Using a linear programming model, I find the food basket that provided a balanced nutrition at the lowest possible cost. Then, I estimate the welfare ratio of laborers. The evidence shows that laborers in Boston earned enough to cover their basic needs, and that their real wages increased in the 19th century. The results also show that the welfare ratio of…
Women and Guilds in a Growing Economy: The Case of Lima, Peru
This article examines the role of women in the guild system of Lima, Peru, during the nineteenth century. Using data from the guild system of Lima between 1838 and 1859, it shows that women participated in a variety of guilds, primarily in retail trade and food manufacturing. Most women were not part of the guilds of merchants and professionals. A social stratification analysis reveals that women in guilds were concentrated at the lower end of th…
Wages, prices and living standards in Spanish America: Evidence from Lima
Prices, wages and living standards in Spain in the modern era
This study relies on a linear programming model to estimate welfare ratios in Spain between 1600 and 1800. This method is used to find the food basket that guaranteed the intake of basic nutrients at the lowest cost. The estimates show that working families in Toledo had higher welfare ratios than in those in Barcelona. In addition, the welfare ratios of Spain were always below those of London and Amsterdam. The divergence between Northern Europe…
Profits and inequality during an export boom. Evidence from tax records in Lima, Peru
Some studies have shown that inequality increased in pre-1930 Latin America as the economy and foreign trade grew. Others have shown that there was no clear relationship between economic growth and inequality. The information on nineteenth-century Peru is useful to estimate income inequality during a period of rapid economic growth. This article estimates the distribution of profits in Lima between 1838 and 1859 using information from tax reports…
Borrower income and loan rates in the credit market of Lima
I analyse the effect of borrower income on loan rates in the credit market of Lima in 1840–65. I show that borrower income had a negative effect on interest rates. Borrower income influenced interest rates mostly through the impact on loan sizes: richer borrowers received larger loans and larger loans were associated with lower loan rates. The results are consistent with the influence of economies of scale on lending and differences in risk betwe…
Economic growth, nutrition and living standards in 19th century Lima: New estimates of welfare ratios using a linear programming model
This study relies on a linear programming model to estimate welfare ratios in 19th century Lima. By using a linear programming model, the food basket guarantees the intake of basic nutrients at the minimum cost. The subsistence cost includes the cost of food and other basic needs. The estimates show that low-skilled workers in Lima were able to cover their basic needs in 1800-1875. The results also show that living standards of low-skilled worker…
Living Costs and Real Wages in Nineteenth Century Lima: Levels and International Comparisons
This article provides new evidence on salaries and living standards of low‐skilled workers in Lima in 1825–73. During this period, low‐skilled workers in Lima could cover their basic needs. Real salaries increased in the early‐1830s, but declined in the following decades. Real salaries declined during the Guano Era in spite of the commercial bonanza. An international comparison shows that Lima had lower living standards than Northern Europe and A…
The Southern Railway, Transportation Costs and the Economy of Southern Peru
Este artículo analiza los efectos del Ferrocarril del Sur en la economía del sur del Perú. La construcción del Ferrocarril del Sur, uno de los sistemas ferroviarios de mayor longitud del Perú, generó gran optimismo acerca del futuro económico de la región. Este estudio muestra (como fue prometido por sus promotores) que el ferrocarril redujo los costos de transporte. Comparado con los muleteros y llameros, el ferrocarril cobró bajas tarifas a pas…
Were early banks important for economic growth? Evidence from Latin America
This article examines the available evidence from five Latin American economies (Mexico, Brazil, Argentina, Chile, and Peru) and determines the effect of bank output on economic growth from 1870 to 1920. By relying on a panel error-correction model, the evidence suggests that bank output had a significant long-term impact on GDP per capita. In the long run, an increase of 1% in the level of bank output per capita caused an increase of 0.2%-0.3% i…
Reconstruction of Export Series for Peru Before the Great Depression
This article discusses the available sources of information on the value and volume of Peru’s exports and estimates the current value of exports, the index of export prices and the quantum of exports using a wide variety of sources. By relying on several sources, I estimate the first complete series of the current value of exports for Peru for 1830-1930. Importantly, I adjust other studies’ estimates by taking into account the deficiencies of for…
Political Instability, Institutions and Mortgage Credit in Lima, Peru
This article analyzes the evolution of the mortgage credit market in Lima between 1835 and 1865. In particular, it explores the effects of political instability and institutional change on the allocation of mortgage credit. By relying on a sample of more than 1 400 notarized records, the article suggests that political instability and institutional uncertainties led to the stagnation of credit markets in the 1830s and early 1840s. As Peru became …
Private Lenders, Banks and Mortgage Credit in Peru. Evidence From Notarised Loans
This article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and to hacendados…
Usury laws and private credit in Lima, Peru. Evidence from notarized records
Women and Credit in Peru During the Guano Era. Was There Gender Discrimination in the Mortgage Credit Market of Peru
This article analyses the role of women and gender discrimination in the mortgage credit market in Peru between 1860 and 1875. Relying on a large sample of notarised loans, the article shows that women participated in the credit market as lenders and borrowers. However, their participation was lower than that of men. In addition, women received smaller loans and paid higher interest rates than men. The evidence suggests that the lower participati…
Bank laws, economic growth and early banking in Latin America: 1840–1920
Transportation Costs and the Social Savings of Railroads in Latin America. The Case of Peru
This article estimates the social savings of the railroads in Peru in the late 19 th and early 20 th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary sources, I estimate the social savings for 1890, 1904, 1914 and 1918. Social savings ranged between 0.3 per cent and 1.3 per cent of GDP in 1890, but then incr…
Transport costs and economic growth in a backward economy: The case of Peru, 1820-1920
This paper analyses the system of transportation and discusses the effect of geography and transport infrastructure on transport costs and economic growth in Peru during the 19 th and early 20 th centuries. Using primary and secondary sources, I find that geography imposed difficult transport challenges on Peruvians during this period. There were no navigable rivers in coastal and highland regions, railroads were scarce and most roads were inadeq…
Ferrocarriles en el Perú: Qué tan importantes fueron
This paper analyzes the evolution and main features of the railway system of Peru in the 19th and early 20th centuries. From mid-19th century railroads were considered a promise for achieving progress. Several railroads were then built in Peru, especially in 1850-75 and in 1910-30. With the construction of railroads, Peruvians saved time in travelling and carrying freight. The faster service of railroads did not necessarily come at the cost of hi…
Bank laws, economic growth and early banking in Latin America: 1840–1920
Transportation Costs and the Social Savings of Railroads in Latin America. The Case of Peru
This article estimates the social savings of the railroads in Peru in the late 19 th and early 20 th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary sources, I estimate the social savings for 1890, 1904, 1914 and 1918. Social savings ranged between 0.3 per cent and 1.3 per cent of GDP in 1890, but then incr…
Women and Credit in Peru During the Guano Era. Was There Gender Discrimination in the Mortgage Credit Market of Peru
This article analyses the role of women and gender discrimination in the mortgage credit market in Peru between 1860 and 1875. Relying on a large sample of notarised loans, the article shows that women participated in the credit market as lenders and borrowers. However, their participation was lower than that of men. In addition, women received smaller loans and paid higher interest rates than men. The evidence suggests that the lower participati…
Private Lenders, Banks and Mortgage Credit in Peru. Evidence From Notarised Loans
This article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and to hacendados…
Economic growth, nutrition and living standards in 19th century Lima: New estimates of welfare ratios using a linear programming model
This study relies on a linear programming model to estimate welfare ratios in 19th century Lima. By using a linear programming model, the food basket guarantees the intake of basic nutrients at the minimum cost. The subsistence cost includes the cost of food and other basic needs. The estimates show that low-skilled workers in Lima were able to cover their basic needs in 1800-1875. The results also show that living standards of low-skilled worker…
Were early banks important for economic growth? Evidence from Latin America
This article examines the available evidence from five Latin American economies (Mexico, Brazil, Argentina, Chile, and Peru) and determines the effect of bank output on economic growth from 1870 to 1920. By relying on a panel error-correction model, the evidence suggests that bank output had a significant long-term impact on GDP per capita. In the long run, an increase of 1% in the level of bank output per capita caused an increase of 0.2%-0.3% i…
Reconstruction of Export Series for Peru Before the Great Depression
This article discusses the available sources of information on the value and volume of Peru’s exports and estimates the current value of exports, the index of export prices and the quantum of exports using a wide variety of sources. By relying on several sources, I estimate the first complete series of the current value of exports for Peru for 1830-1930. Importantly, I adjust other studies’ estimates by taking into account the deficiencies of for…
Usury laws and private credit in Lima, Peru. Evidence from notarized records
Transport costs and economic growth in a backward economy: The case of Peru, 1820-1920
This paper analyses the system of transportation and discusses the effect of geography and transport infrastructure on transport costs and economic growth in Peru during the 19 th and early 20 th centuries. Using primary and secondary sources, I find that geography imposed difficult transport challenges on Peruvians during this period. There were no navigable rivers in coastal and highland regions, railroads were scarce and most roads were inadeq…
Transport costs and economic growth in a backward economy: The case of Peru, 1820-1920
This paper analyses the system of transportation and discusses the effect of geography and transport infrastructure on transport costs and economic growth in Peru during the 19 th and early 20 th centuries. Using primary and secondary sources, I find that geography imposed difficult transport challenges on Peruvians during this period. There were no navigable rivers in coastal and highland regions, railroads were scarce and most roads were inadeq…
Ferrocarriles en el Perú: Qué tan importantes fueron
This paper analyzes the evolution and main features of the railway system of Peru in the 19th and early 20th centuries. From mid-19th century railroads were considered a promise for achieving progress. Several railroads were then built in Peru, especially in 1850-75 and in 1910-30. With the construction of railroads, Peruvians saved time in travelling and carrying freight. The faster service of railroads did not necessarily come at the cost of hi…
Transportation Costs and the Social Savings of Railroads in Latin America. The Case of Peru
This article estimates the social savings of the railroads in Peru in the late 19 th and early 20 th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary sources, I estimate the social savings for 1890, 1904, 1914 and 1918. Social savings ranged between 0.3 per cent and 1.3 per cent of GDP in 1890, but then incr…
Women and Credit in Peru During the Guano Era. Was There Gender Discrimination in the Mortgage Credit Market of Peru
This article analyses the role of women and gender discrimination in the mortgage credit market in Peru between 1860 and 1875. Relying on a large sample of notarised loans, the article shows that women participated in the credit market as lenders and borrowers. However, their participation was lower than that of men. In addition, women received smaller loans and paid higher interest rates than men. The evidence suggests that the lower participati…
Bank laws, economic growth and early banking in Latin America: 1840–1920
Political Instability, Institutions and Mortgage Credit in Lima, Peru
This article analyzes the evolution of the mortgage credit market in Lima between 1835 and 1865. In particular, it explores the effects of political instability and institutional change on the allocation of mortgage credit. By relying on a sample of more than 1 400 notarized records, the article suggests that political instability and institutional uncertainties led to the stagnation of credit markets in the 1830s and early 1840s. As Peru became …
Private Lenders, Banks and Mortgage Credit in Peru. Evidence From Notarised Loans
This article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and to hacendados…
Usury laws and private credit in Lima, Peru. Evidence from notarized records
Were early banks important for economic growth? Evidence from Latin America
This article examines the available evidence from five Latin American economies (Mexico, Brazil, Argentina, Chile, and Peru) and determines the effect of bank output on economic growth from 1870 to 1920. By relying on a panel error-correction model, the evidence suggests that bank output had a significant long-term impact on GDP per capita. In the long run, an increase of 1% in the level of bank output per capita caused an increase of 0.2%-0.3% i…
Reconstruction of Export Series for Peru Before the Great Depression
This article discusses the available sources of information on the value and volume of Peru’s exports and estimates the current value of exports, the index of export prices and the quantum of exports using a wide variety of sources. By relying on several sources, I estimate the first complete series of the current value of exports for Peru for 1830-1930. Importantly, I adjust other studies’ estimates by taking into account the deficiencies of for…
Living Costs and Real Wages in Nineteenth Century Lima: Levels and International Comparisons
This article provides new evidence on salaries and living standards of low‐skilled workers in Lima in 1825–73. During this period, low‐skilled workers in Lima could cover their basic needs. Real salaries increased in the early‐1830s, but declined in the following decades. Real salaries declined during the Guano Era in spite of the commercial bonanza. An international comparison shows that Lima had lower living standards than Northern Europe and A…
The Southern Railway, Transportation Costs and the Economy of Southern Peru
Este artículo analiza los efectos del Ferrocarril del Sur en la economía del sur del Perú. La construcción del Ferrocarril del Sur, uno de los sistemas ferroviarios de mayor longitud del Perú, generó gran optimismo acerca del futuro económico de la región. Este estudio muestra (como fue prometido por sus promotores) que el ferrocarril redujo los costos de transporte. Comparado con los muleteros y llameros, el ferrocarril cobró bajas tarifas a pas…
Borrower income and loan rates in the credit market of Lima
I analyse the effect of borrower income on loan rates in the credit market of Lima in 1840–65. I show that borrower income had a negative effect on interest rates. Borrower income influenced interest rates mostly through the impact on loan sizes: richer borrowers received larger loans and larger loans were associated with lower loan rates. The results are consistent with the influence of economies of scale on lending and differences in risk betwe…
Economic growth, nutrition and living standards in 19th century Lima: New estimates of welfare ratios using a linear programming model
This study relies on a linear programming model to estimate welfare ratios in 19th century Lima. By using a linear programming model, the food basket guarantees the intake of basic nutrients at the minimum cost. The subsistence cost includes the cost of food and other basic needs. The estimates show that low-skilled workers in Lima were able to cover their basic needs in 1800-1875. The results also show that living standards of low-skilled worker…
Profits and inequality during an export boom. Evidence from tax records in Lima, Peru
Some studies have shown that inequality increased in pre-1930 Latin America as the economy and foreign trade grew. Others have shown that there was no clear relationship between economic growth and inequality. The information on nineteenth-century Peru is useful to estimate income inequality during a period of rapid economic growth. This article estimates the distribution of profits in Lima between 1838 and 1859 using information from tax reports…
Wages, prices and living standards in Spanish America: Evidence from Lima
Prices, wages and living standards in Spain in the modern era
This study relies on a linear programming model to estimate welfare ratios in Spain between 1600 and 1800. This method is used to find the food basket that guaranteed the intake of basic nutrients at the lowest cost. The estimates show that working families in Toledo had higher welfare ratios than in those in Barcelona. In addition, the welfare ratios of Spain were always below those of London and Amsterdam. The divergence between Northern Europe…
Wages, prices and living standards in a growing economy. The case of Boston, Massachusetts
This study analyzes the living standards of laborers in Boston, Massachusetts in 1785-1900. Using a linear programming model, I find the food basket that provided a balanced nutrition at the lowest possible cost. Then, I estimate the welfare ratio of laborers. The evidence shows that laborers in Boston earned enough to cover their basic needs, and that their real wages increased in the 19th century. The results also show that the welfare ratio of…
Women and Guilds in a Growing Economy: The Case of Lima, Peru
This article examines the role of women in the guild system of Lima, Peru, during the nineteenth century. Using data from the guild system of Lima between 1838 and 1859, it shows that women participated in a variety of guilds, primarily in retail trade and food manufacturing. Most women were not part of the guilds of merchants and professionals. A social stratification analysis reveals that women in guilds were concentrated at the lower end of th…
Frequent lenders and the credit market of Lima. An analysis of notarized loans
This article examines the role of frequent lenders in the credit market of Lima between 1840 and 1865. Frequent lenders were wealthy individuals, many of them merchants or proprietors. Their credit activity was not concentrated among the richest borrowers in Lima; they also served middle- and low-income individuals. In addition, they diversified risk by lending to borrowers from different sectors. Consistent with the hypothesis that frequent lend…
Economics (16 works) · Historical Economic and Social Studies (13 works) · Geography (9 works) · Political science (7 works) · Business (6 works) · Financial system (6 works) · Culture, Economy, and Development Studies (5 works) · Islamic Finance and Banking Studies (5 works) · Standard of living (5 works) · Colonialism, slavery, and trade (4 works)