Usury laws and private credit in Lima,Peru. Evidence from notarized records |
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| Institution: | 1. Naval Postgraduate School, United States;2. Williams College, United States;1. CUNEF; Calle Leonardo Prieto Castro, 2; Madrid, 28040;2. CENTRUM Católica Graduate Business School, PUCP, Peru;3. Getulio Vargas Foundation, Graduate School of Economics (FGV/EPGE), Brazil;1. CENTRUM Católica Graduate Business School, Pontificia Universidad Católica del Perú (PUCP), Jr. Daniel Alomía Robles 125-129, Los Álamos de Monterrico, Santiago de Surco, Lima 33, Peru\n;2. Department of Economics, Oregon State University, Corvallis, OR 97331, United States |
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| Abstract: | I examine the impact of usury laws on the Peruvian credit market between 1825 and 1852. Using a new data set of nearly 2,000 loans from archival sources, I show that the repeal of colonial anti-usury laws in early 1833 had an important effect on the allocation of credit in Lima. It increased interest rates and promoted access to credit. Furthermore, lenders made loans with greater maturities after the repeal of usury laws. |
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| Keywords: | Mortgage credit Usury laws Interest rates Access to credit Latin America |
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