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.

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.

El sistema verbal español según Samuel Gili Gaya

En este artículo nos centramos en uno de los temas de la gramática española más complejos: la conjugación verbal. A partir de la obra de Samuel Gili Gaya (1961), Curso superior de sintaxis española, analizamos en obras gramaticales representativas de la segunda mitad del siglo XX el estudio de este tema considerando la presencia de las teorías de Gili Gaya. Con ello, pretendemos comprobar nuestra hipótesis inicial: las ideas lingüísticas de este autor suponen, en gran medida, la unión de la Gramática tradicional con enfoques posteriores.

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.