| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4436 |
| DP4436 Trade Policy and the Household Distribution of Income | |
| Joseph Francois; Hugo Rojas-Romagosa | |
| 发表日期 | 2004-06-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | If in general, financial deepening aids economic growth, then financial repression should be harmful. We use a natural experiment ? the change in the English usury laws in 1714 ? to analyse the effects of interest rate restrictions. Based on a sample of individual loan transactions, we demonstrate how the reduction of the legal maximum rate of interest affected the supply and demand for credit. Average loan size and minimum loan size increased strongly, and access to credit worsened for those with little ?social capital?. While we have no direct evidence that loans were misallocated, the discontinuity in loan receipts makes this highly likely. We conclude that financial repression can undermine the positive effects of financial deepening; Britain?s disappointing growth during the period 1750-1850 may partly reflect the effects of harmful credit market regulation. |
| 主题 | International Macroeconomics |
| 关键词 | Economic development Banking Financial repression Usury laws Credit rationing Natural experiments Lending decisions |
| URL | https://cepr.org/publications/dp4436 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533389 |
| 推荐引用方式 GB/T 7714 | Joseph Francois,Hugo Rojas-Romagosa. DP4436 Trade Policy and the Household Distribution of Income. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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