ABSTRACT

I analyse the effect of borrower income on loan rates in the credit market of Lima in 1840–65. I show that borrower income had a negative effect on interest rates. Borrower income influenced interest rates mostly through the impact on loan sizes: richer borrowers received larger loans and larger loans were associated with lower loan rates. The results are consistent with the influence of economies of scale on lending and differences in risk between large and small borrowers.

中文翻译：

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利马信贷市场的借款人收入和贷款利率

摘要

我分析了 1840-65 年利马信贷市场借款人收入对贷款利率的影响。我表明借款人收入对利率有负面影响。借款人收入主要通过对贷款规模的影响来影响利率：较富裕的借款人获得较大的贷款，而较大的贷款与较低的贷款利率相关。结果与规模经济对贷款的影响以及大小借款人之间的风险差异一致。