Notaries and Credit Markets in Nineteenth-Century Mexico

2010 ◽  
Vol 84 (3) ◽  
pp. 459-478 ◽  
Author(s):  
Juliette Levy
Keyword(s):  
Nineteenth Century ◽  
Credit Markets ◽  
Credit Market ◽  
Financial Intermediaries ◽  
State Archive ◽  
Access To Credit ◽  
Banking Markets ◽  
Intermediary Role ◽  
Unique Dataset

Little is known about the logic of lending transactions and the development of credit markets in Mexico, or the rest of Latin America, prior to banks. We know even less about what role financial intermediaries played in these pre-banking markets, or who these intermediaries were. This article analyzes the intermediary role notaries played in the long-term credit market in Yucatan, in southeastern Mexico, in the nineteenth-century. Using a unique dataset of mortgages from the notarial records in the Yucatan state archive, the article shows that, in the absence of banks, notaries facilitated access to credit, and that, in the institutional and political context of Yucatan, both entrepreneurship and monopoly were being fostered.

The Marriage Penalty: Women, Property Rights, and Credit Markets in Yucatán, 1850 – 1900

2008 ◽  
Vol 88 (3) ◽  
pp. 427-454
Author(s):  
Juliette Levy
Keyword(s):  
Nineteenth Century ◽  
Property Rights ◽  
Credit Markets ◽  
Credit Market ◽  
Mortgage Market ◽  
Legal Tradition ◽  
Economic Markets ◽  
Marital Property ◽  
Civil Codes ◽  
Property Regimes

Abstract This article addresses how marital property regimes acted as obstacles to the development of the Yucatán credit market. Marriage is a contract, and historically it carries with it significant financial corollaries. Dowries, marital property regimes, and inheritance laws were all designed to support the economic instrument that marriage represented. There are many other ways in which marriage intersects with markets; this article assesses the role of property rights, and specifically, married women’s property rights, in the credit markets of nineteenth-century Yucatán. Using mortgage contracts and probate records recorded by notaries, this article analyzes the participation of women in the local mortgage market, taking into account the legal context in which it developed, and explains how legal tradition and civil codes contributed to the distortions that affected women in the local credit market. This article shows specifically that the analysis of women’s participation in economic markets in the nineteenth century must take their marital status into account, as well as the unequal legal position of husbands and wives under the laws of the time, and concludes that marital property rights, and by extension marriage, played an important and unexpected role in the region’s credit market.

The Revolution

2019 ◽  
pp. 74-94
Author(s):  
Philip T. Hoffman ◽  
Gilles Postel-Vinay ◽  
Jean-Laurent Rosenthal
Keyword(s):  
Nineteenth Century ◽  
Credit Markets ◽  
Peer To Peer ◽  
Matching Markets ◽  
Institutional Reforms ◽  
Long Run ◽  
The Revolution

This chapter focuses on the French Revolution's impact on credit markets and the long-term implications for lending. It begins with the revolution's fundamental institutional reforms, which shaped credit markets for the rest of the nineteenth century. The chapter analyzes the effect of the reforms and the consequences of the revolutionary inflation—this entails looking at how borrowers and lenders reacted, both in the short and long run. It also involves examining shifts in their demand for notaries' services, whether to draw up contracts if clients were illiterate, or to secure loans with collateral. Finally, the chapter examines the difficulty that borrowers and lenders had in the peer-to-peer matching markets where only a few loans were made each month.

scholarly journals PRIVATE LENDERS, BANKS AND MORTGAGE CREDIT IN PERU. EVIDENCE FROM NOTARISED LOANS

2016 ◽  
Vol 35 (1) ◽  
pp. 105-146 ◽  
Author(s):  
Luis Felipe Zegarra
Keyword(s):  
Credit Market ◽  
Access To Credit ◽  
Mortgage Credit ◽  
Large Estate ◽  
The Creation

ABSTRACTThis article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and tohacendadosfrom the main coastal valleys.

Gran Paradiso: Erkenntnisse aus der sich natürlich regulierenden Steinbockpopulation|Gran Paradiso: Conclusions from the naturally regulated Capricorn population

2007 ◽  
Vol 158 (11) ◽  
pp. 349-352
Author(s):  
Grégory Amos ◽  
Ambroise Marchand ◽  
Anja Schneiter ◽  
Annina Sorg
Keyword(s):  
Nineteenth Century ◽  
Population Density ◽  
National Park ◽  
Optimal Management ◽  
Capra Ibex ◽  
Large Fluctuations ◽  
The Alps ◽  
Gran Paradiso ◽  
Gran Paradiso National Park

The last Capricorns (Capra ibex ibex) in the Alps survived during the nineteenth century in the Aosta valley thanks to the royal hunting reservation (today Gran Paradiso national park). Capricorns from this reservation were successfully re-introduced in Switzerland after its Capricorn population had disappeared. Currently in Switzerland there are 13200 Capricorns. Every year 1000 are hunted in order to prevent a large variation and overaging of their population and the damage of pasture. In contrast, in the Gran Paradiso national park the game population regulates itself naturally for over eighty years. There are large fluctuations in the Capricorn population (2600–5000) which are most likely due to the climate, amount of snow, population density and to the interactions of these factors. The long-term surveys in the Gran Paradiso national park and the investigations of the capacity of this area are a valuable example for the optimal management of the ibexes in Switzerland.

Introduction

2018 ◽  
Author(s):  
Isabel Rivers
Keyword(s):  
Nineteenth Century ◽  
Fundamental Importance ◽  
Christian Belief ◽  
Pilgrim's Progress ◽  
Organizational Differences ◽  
Book Publication

The Introduction summarizes the aims and methods of the book, explains the title, taken from Bunyan’s Pilgrim’s Progress, addresses the paradox of the otherworldly aims of religion and the worldly means of book publication, lists the principal questions the book sets out to answer and the denominations and groups covered, and points out the varied meanings of the terms ‘Methodist’ and ‘evangelical’. Despite the theological and organizational differences between these denominations and groups, they agreed on the fundamental importance of disseminating books for inculcating Christian belief and practice. To illustrate the long-term influence of such publications there is a brief analysis of Collins’s nineteenth-century series, ‘Select Christian Authors, with Introductory Essays’.

International Opera in Nineteenth-century New York

2020 ◽  
pp. 244-269
Author(s):  
Karen Ahlquist
Keyword(s):  
Nineteenth Century ◽  
New York ◽  
New York City ◽  
World War I ◽  
Buenos Aires ◽  
Considerable Extent ◽  
World War ◽  
Metropolitan Opera ◽  
The City

This chapter charts how canonic repertories evolved in very different forms in New York City during the nineteenth century. The unstable succession of entrepreneurial touring troupes that visited the city adapted both repertory and individual pieces to the audience’s taste, from which there emerged a major theater, the Metropolitan Opera, offering a mix of German, Italian, and French works. The stable repertory in place there by 1910 resembles to a considerable extent that performed in the same theater today. Indeed, all of the twenty-five operas most often performed between 1883 and 2015 at the Metropolitan Opera were written before World War I. The repertory may seem haphazard in its diversity, but that very condition proved to be its strength in the long term. This chapter is paired with Benjamin Walton’s “Canons of real and imagined opera: Buenos Aires and Montevideo, 1810–1860.”

scholarly journals The strategic response of banks to macroprudential policies: Evidence from mortgage stress tests in Canada

2021 ◽  
Author(s):  
Robert Clark ◽  
Shaoteng Li
Keyword(s):  
Interest Rate ◽  
Credit Markets ◽  
Mortgage Market ◽  
Financial Intermediaries ◽  
Stress Tests ◽  
Difference In Differences ◽  
Strategic Response ◽  
Macroprudential Policies ◽  
The Interest Rate

Abstract Following the crisis, macroprudential regulations targeting mortgage-market vulnerabilities were widely adopted, their success often relying on the response of financial intermediaries. We provide evidence from Canada suggesting banks may have behaved strategically to limit the effectiveness of recently implemented mortgage stress tests. Before implementation, borrowers had to prove they could make mortgage payments based on the interest rate specified in the contract. The new tests require borrowers to show they can afford payments based on a typically higher qualifying rate, derived from the mode of 5-year rates posted by the six largest banks. The government’s objective was to cool credit markets, but, since many mortgages are government-insured, the big banks’ interests were not aligned. We find evidence of rate manipulation using a difference-in-differences approach comparing changes in spreads for 5-year mortgages with 3-year spreads, unaffected by the policy. The qualifying rates were lowered encouraging continued borrowing, muting the tests’ impact.

Take it to the (public) bank: The efficiency of public bank loans to private firms

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Anders Kärnä
Keyword(s):  
Economic Growth ◽  
Capital Markets ◽  
Firm Growth ◽  
Bank Loans ◽  
Government Interventions ◽  
The Public ◽  
Positive Effects ◽  
Economic Output ◽  
Unique Dataset

AbstractIncomplete capital markets and credit constraints for small and medium-sized enterprises (SMEs) are often considered obstacles to economic growth, thus motivating government interventions in capital markets. While such policies are common, it is less clear to what extent these interventions result in firm growth or to which firms interventions should be targeted. Using a unique dataset with information about state bank loans targeting credit-constrained SMEs in Sweden with and without complementary private bank loans, this paper contributes to the literature by studying how these loans affect the targeted firms for several outcome variables. The results suggest that the loans create a one-off increase in investments, with long-term, positive effects for sales and labor productivity but only for firms with 10 or fewer employees. Increased access to capital by firms can therefore produce increases in economic output but only in a specific type of firm. This insight is of key importance in designing policy if the aim is to increase economic growth.

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