Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714

If 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 analyze the effects of interest rate restrictions. We use a sample of individual loan transactions to 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.

On the Structural Difference between the Evolutionary Approach of Young and that of Kandori, Mailath, and Rob

We provide robust examples of symmetric two-player coordination games in normal form that reveal that equilibrium selection by the evolutionary model of Young (1993) is essentially different from equilibrium selection by the evolutionary model of Kandori, Mailath and Rob (1993).

Interest rate restrictions in a natural experiment: loan allocation and the change in the usury laws in 1714

This article studies the effects of interest rate restrictions on loan allocation. The British governmenttightened the usury laws in 1714, reducing the maximum permissible interest rate from 6% to5%. A sample of individual loan transactions reveals that average loan size and minimum loan sizeincreased strongly, while access to credit worsened for those with little social capital. Collateralisedcredits, which had accounted for a declining share of total lending, returned to their former role ofprominence. Our results suggest that the usury laws distorted credit markets significantly; we findno evidence that they offered a form of Pareto-improving social insurance.

On the structural difference between the evolutionary approach of Young and that of Kandori, Mailath and Rob

We provide robust examples of symmetric two-player coordination games in normal form that reveal that equilibrium selection bythe evolutionary model of Young (1993) is essentially different from equilibrium selection by the evolutionary model of Kandori, Mailath and Rob (1993).

El procés jurisdiccional català entre entre 1714 i 1835. Breu ressenya històrica

En aquest treball em proposo estudiar fonamentalment la pervivència del dret processal català després del Decret de Nova Planta (DNP), és a dir, aquest període fosc que arriba fins al 1835, any de la desaparició legal expressa i definitiva del dret processal català previ al DNP.

KITCHIN, Rob (ed.). Mapping worlds: international perspectives on Social and Cultural Geographies

Rob Kitchin, geógrafo muy activo y prolífico, mantiene una intensa actividad editorial, puesto que dirige colecciones de temas geográficos y forma parte de los comités asesores de varias revistas internacionales de primera línea, entre ellas, Social and Cultural Geography, que se publica bimensualmente desde el año 2000 y de la que es director. Precisamente, en esta revista dedicada a temas relacionados con la geografía cultural y social se halla el origen de este libro, uno de cuyos propósitos iniciales fue desafiar la hegemonía anglosajona que domina el panorama geográfico internacional.

Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit. This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature. I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001. Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms. KEYWORDS: aggregation, industry dynamics, panel data, symmetry, simultaneity. JEL CLASSIFICATION: C33, C52, L60, L11

La despersonalización de sujeto de los derechos en J.J. Rousseau

Aquest treball analitza els trets més característics del pensament de J.J. Rousseau centrant l’ atenció en el Discurs sobre l’ origen de les desigualtats entre els homes. Mitjançant un extens comentari del Discurs es proposa una revisió dels principis antropològics que han fundat la filosofia política rousseauniana. I s’ entra a examinar algunes Declaracions de Drets sota la hipòtesi de trobar algun dels trets d’ aquesta concepció antropològica en el subjecte d’ aquells Drets.

Llorenç Tomàs i Costa : Els temps convulsos de la guerra de Successió i l'exili

Aproximació biogràfica al personatge de Llorenç Tomàs i Costa, canceller del Principat de Catalunya durant el govern de l'arxiduc Carles III (1705-1714)

TwHistory : Sharing History Using Twitter

In light of the fact that several studies indicate that students can benefit from deeper understandings of the processes by which historical accounts are constructed, history educators have increasingly been focused on finding ways to teach students how to read and reason about events in the same manner as professional historians (Wineburg, 2001; Spoehr & Spoehr, 1994; Hynd, Holschuh, & Hubbard, 2004; Wiley & Voss, 1996). One possible resource for supporting this development may come out of emerging web-based technologies. New technologies and increased access to historical records and artifacts posted the Internet may be precisely the tools that can help students (Bass, Rosenzweig, & Mason, 1999). Given the right context, we believe it is possible to combine such resources and tools to create an environment for students that could strengthen their abilities to read and reason about historical events. Moreover, we believe that social media, specifically, microblogging (Nardi, Schiano, Gumbrecht, & Swartz, 2004) could play a key role.

Anàlisi i proposta de millora de la gestió del Memorial Auschwitz-Birkenau

La conservació d’un museu de les característiques del Memorial Museu Auschwitz-Birkenau és de vital importància. La realització d’aquest projecte pretén trobar les mancances que el museu pugui tenir per tal d’aportar-hi solucions. El museu té problemes per a conservar les seves instal·lacions a causa de la manca de fons econòmics i del gran nombre de visites que rep anualment