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.

Analysis of past and future dam formation and failure in the Santa Cruz River (San Juan province, Argentina)

Around 11.5 * 106 m3 of rock detached from the eastern slope of the Santa Cruz valley (San Juan province, Argentina) in the first fortnight of January 2005. The rockslide?debris avalanche blocked the course, resulting in the development of a lake with maximum length of around 3.5 km. The increase in the inflow rate from 47,000?74,000 m3/d between April and October to 304,000 m3/d between late October and the first fortnight of November, accelerated the growing rate of the lake. On 12 November 2005 the dam failed, releasing 24.6 * 106 m3 of water. The resulting outburst flood caused damages mainly on infrastructure, and affected the facilities of a hydropower dam which was under construction 250 km downstream from the source area. In this work we describe causes and consequences of the natural dam formation and failure, and we dynamically model the 2005 rockslide?debris avalanche with DAN3D. Additionally, as a volume ~ 24 * 106 m3of rocks still remain unstable in the slope, we use the results of the back analysis to forecast the formation of a future natural dam. We analyzed two potential scenarios: a partial slope failure of 6.5 * 106 m3 and a worst case where all the unstable volume remaining in the slope fails. The spreading of those potential events shows that a new blockage of the Santa Cruz River is likely to occur. According to their modeled morphometry and the contributing watershed upstream the blockage area, as the one of 2005, the dams would also be unstable. This study shows the importance of back and forward analysis that can be carried out to obtain critical information for land use planning, hazards mitigation, and emergency management.

El alimento de la anchoveta engraulis ringens J. en un área de afloramiento (San Juan)

Información sobre la variación en la predominancia del tipo de alimento ingerido por la anchoveta Engraulis ringens J. colectadas en un área de afloramiento (San Juan 15º-16º L.S.). El material consta de 13 muestras obtenidas desde noviembre de 1973 a setiembre de 1974.

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.

Prospección del chanque y erizo en los puertos de Pisco, San Juan de Marcona y Lomas. Octubre 2000

Efectúa una prospección en los puertos de Pisco con el fin de obtener información biológico-pesquera de los recursos chanque y erizo, relacionados con los desembarques. El estudio sugiere tomar medidas regulativas que protejan estos recursos en estas zonas por su vulnerabilidad, teniendo en cuenta que la extracción afecta a los ejemplares juveniles de chanque que aún no han desovado y a los desovantes de erizo.

Catálogo de zooplancton en el mar peruano. Primera parte: área Pisco-San Juan

EL primer punto de la investigación se encarga de determinar las características del área de estudio. Como segundo punto se ubican taxonómicamente las especies, este aspecto que es ampliamente detallado en el trabajo.

Comportamiento del lobo fino de sudamerica (Arctocephalus australis) en Punta San Juan, Perú, durante El Niño 1982-83

Estudio sobre el comportamiento maternal del lobo fino de sudamérica realizados entre enero y junio de 1983.

Impacto del fenómeno El Niño en la población de lobos marinos en Punta San Juan

Estudia el comportamiento de la poblacion de los lobos marinosen Punta San Juan durante 1982-83

Prospección del recurso Erizo (Loxechinus albus) en Pisco, San Juan de Marcona y Lomas 1998 y enero 1999

Describe que la demanda del erizo verde Loxechinus albus con fines de exportación y la influencia que tuvo el evento El Niño 1997-1998 sobre el recurso, el cual fue negativo sobre la mayoría de recursos bentónicos, ya que produjeron una rápida disminución de sus niveles poblacionales en los puertos de Pisco, San Juan de Marcona y Lomas, registrándose 1998 los desembarques más bajos desde 1993-1994.

Prospección del recurso Chanque Concholepas concholepas en Pisco, San Juan de Marcona y Lomas, 1998 y enero 1999

Describe la información biológico pesquera del chanque en las zonas de extracción de Pisco, San Juan de Marcona y Lomas, proveniente de las prospecciones efectuadas por personal del Laboratorio Costero de Pisco en los meses de agosto y noviembre de 1998 y enero de 1999.