Rural Credit Markets and Aggregate Shocks: The Experience of Nuits St. Georges, 1756–1776

Jean-Laurent Rosenthal

The Journal of Economic History, 1994, vol. 54, issue 2, 288-306

Abstract: Using a complete enumeration of credit contracts for a rural area in Burgundy, this article examines how credit markets functioned and what role they served. Credit markets distributed funds to a large fraction of the population, and they were organized to mediate problems of asymmetric information. A central constraint on credit markets, however, was the threat of government intervention. Because of this threat, capital markets remained relatively isolated from one another.

Date: 1994
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