In Defense of Usury Laws

被引：6
|
作者：
Coco, Giuseppe [1 ]
De Meza, David [2 ]
机构：
[1] Univ Bari, Dipartimento Sci Econ & Metodi Matemat, I-70121 Bari, Italy
[2] London Sch Econ, Managerial Econ & Strategy Grp, London, England
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2009年 / 41卷 / 08期
关键词：
G14; G28; K23; L51; credit; usury law; interest rate caps; moral hazard; CONTRACTS; MARKETS; STATE;
D O I：
10.1111/j.1538-4616.2009.00274.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Usury law is often criticized by economists for curtailing lending and thus creating deadweight costs. This paper shows that if moral hazard leads to credit rationing, a just-binding usury law creates a deadweight gain. This property also holds in most market-clearing equilibria. Independent of social insurance benefits, or curbing present-biased preferences, interest rate caps have merit.
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页码：1691 / 1703
页数：13
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