Mar 4, Venezuela in Crisis: Economic and Political Conflict Drivers In the Post-Chávez Era . Comité de Organización Política Electoral Independiente . 3 Former presidents of Costa Rica, Brazil, Chile and Peru: Presidents. Jul 27, Peru's new president, Martín Vizcarra, hardly signals a fresh start for the country. The crisis of the past New President, Old Problems: Corruption and Organised Crime Keep Peru in Crisis. GIGA Focus Show full text Text as PDF .. Revista de Ciencia Política y Gobierno, 4, , 7, Christoph. la crisis: El nuevo rum bo de la política económ ica y laboral en. A rgentina y su im pacto ISBN (print) y (pdf web). Primera mera ola» de privatizaciones (Argentina, Chile, Perú, México) ya habían. la crisis: El nuevo rum bo de la política económ ica y laboral en. A rgentina y su im pacto ISBN (print) y (pdf web). Primera mera ola» de privatizaciones (Argentina, Chile, Perú, México) ya habían. Derechos Reservados c Banco Central de Reserva del Perú. Revista Estudios Crisis financiera, ciclicidad de las políticas, políticas fiscal y monetaria . como señala la Constitución Política del Perú, en que el propósito de la descentrali- .. to económico, político y social, con hiperinflación, crisis fiscal y violencia.
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Luis F. This article analyzes the evolution of the mortgage credit market in Lima between crisis politico en el peru pdf In particular, it explores the effects of political instability and institutional change on the allocation of mortgage credit. Based on a sample of more than 1 notarized records, the article suggests that political instability and institutional uncertainties led to the stagnation of credit markets in the s and early s. As Peru became more stable after and the risk of lending declined, the credit market expanded more rapidly and interest rates decreased.
Institutions have long been recognized as crucial to the process of capital accumulation and economic growth. According crisis politico en el peru pdf Douglass Northp. A clear definition of property rights reduces the uncertainty on the outcomes from intertemporal decisions such as savings and investment. In an economy with clear property rights, individuals and firms thus have incentives to save and invest, so credit markets have higher potential for growth. Capital markets may be sensitive to the definition of property rights.
Some empirical studies show that a clear set of property rights contributes with financial development. North and Weingastfor example, showed that the Glorious Revolution led to a clear commitment to certain rules, promoting the development of public, and private capital markets.
Empirical studies for the 20 th century have also proved a positive correlation between property rights and financial deepening. La Porta, Lopez-de-Silanes, Shleifer and Vishny explained that legal systems that protect creditors and enforce contracts encourage better functioning debt crisis politico en el peru pdf equity markets; whereas Levine showed that legal rights of creditors and the efficiency with which legal systems enforce those rights explain much of the cross-sectional variation of financial development.
Other studies, however, question the hypothesis that institutions influence credit markets. Political instability may have influenced the development of credit crisis politico en el peru pdf. In very unstable political contexts, property rights may not be clear or enforced.
In some circumstances, the State itself may be the main violator of property rights through the confiscation of properties and arbitrary taxation. Proprietors may not fully enjoy their rights over their estates and other assets, and potential lenders may not be able to recover their funds in case of non-payment.
Credit markets may then be stagnant and interest rates high. In a recent study, for example, Roe and Siegel reported strong evidence in favor of the hypothesis that political instability impeded financial development. Several historical studies have analyzed the role of political institutions in the evolution of credit markets in Latin America. Those studies have emphasized the importance of restrictive bank laws, discretionary policies, capital requirements, and restrictions on note issue in explaining the slow development of capital markets in the region.
Haberfor example, argued that restrictive bank laws led to a highly concentrated banking sector in Mexico and Brazil and thus retarded industrialization. Similarly, Maurer argued that legal restrictions limited the creation of banks in Mexico and that the enactment of the banking law of reduced banking concentration. In another study, Hanley argued that restrictions to the chartering of corporations prior to were a primary reason for the small size of the banking sector in Brazil.
More recently, Zegarra showed that restrictive bank laws hindered the provision crisis politico en el peru pdf banking services in some Latin American economies. However, the impact of political instability and property rights insecurities on Latin American financial development has not received much attention from the literature, even though it has been widely recognized that most Latin American countries experienced much political instability in the lagu the rainband rise again lyrics decades after independence in the 19 th century.
This article analyzes the effect crisis politico en el peru pdf political instability and institutional insecurities on the development of mortgage credit in Lima, Peru, between and Peru is an interesting historical case of study to analyze the effect of political instability and institutional change on the evolution of credit markets.
In the s and early s Peru was a very unstable country and property rights were not secured. From the late s, however, political civil wars became more sporadic. Furthermore, in the early s the government enacted important institutional changes that improved the definition of property rights of lenders and borrowers.
The expropriation of private properties was restricted and the legal rights of creditors and borrowers were more clearly defined. Based on more than 1 mortgage loans overthis article shows that the mortgage credit market remained stagnant and interest rates were high during the period of political instability and institutional uncertainties.
As Peru became less politically unstable and property rights were more clearly defined, the credit market of Lima expanded rapidly and interest rates declined. The average interest rate decreased to It is certainly possible that the creation of banks contributed to the expansion of credit pou hack unlimited coins apk installer, especially fromwhen the first mortgage bank was created.
However, the results of this article suggest that in the s, prior to the creation of banks, political stabilization and the establishment of a more secure system of property rights had already led to the expansion of credit markets and the reduction in interest rates. This article constitutes a contribution to the study of early private credit markets in Latin America.
Most studies have emphasized the role of banks, neglecting the importance of private credit markets, probably due to the lack of official information. Notarial records have been proven extremely useful for studying early credit markets in other countries. Only recently, for Latin America some studies have relied on notarial records and other primary sources to show that private credit markets played an important role in channeling resources.
Levy showed that private lenders loaned important sums of crisis politico en el peru pdf in Yucatan prior to the creation of banks, facilitating the boom of henequen. Notaries provide a very useful source of information of credit markets. Notaries registered several types of transactions, such as loans, sales, leasing contracts, inheritances, among others. The use of the notarial records can provide deep insights into the importance of credit markets in Lima.
This article relies on a sample of 1 new mortgage loans for the period. In particular, the sample covers the period as well as the years, and Since there were many more loans in the s and s than in the s and s, I selected loans for all years in the entire period and loans for only four years in in particular, and in order to have a balanced sample. From all notaries operating in the city of Lima, I selected six notaries: His businesses actually started in and finished in Felipe Orellana was another important notary, with operations between and ; whereas Francisco Palacios operated from The selected notaries in the sample only worked in their offices in Lima.
Occasionally, lenders or borrowers from other cities recurred to them. I collected all mortgage loans granted by the six notaries between January and December in the following years: The sample includes all new mortgage loans recorded by the six notaries. It is worth noticing the similarities and differences between obligacionesmutuosand hipotecas. Mutuos were loans. Obligaciones were obligations of one party to another. Most obligations were loans equivalent to mutuosand some were other crisis politico en el peru pdf of obligations.
Hipotecas refer to loans secured with real estate. Some of the hipotecas were new loans; others were contracts whose only purpose was to crisis politico en el peru pdf the real estate that would serve as collateral for a previously signed loan. The sample of 1 loans is of a relatively considerable size. In total, for the same period, the population of contracts under the titles obligacionesmutuos and hipotecas notarized by all notaries from Lima was 6 On the other hand, considering that the sample covers fifteen years eleven years in and four years inthe average number of loans per year is almosta relatively large number.
The selection of notaries was not random. In fact, the six notaries from the sample were among the main notaries in Lima.
It might be argued then that the sample is not representative of the population of loans, and that it is not possible to extend the conclusions from the sample to the entire population. To deal with this issue, I first look at all loans notarized in Lima the population of loans for and I noticed that there were not important differences in interest rates.
The differences in loan sizes and proportion of loans are important for the analysis of the total value of credit. I then crisis politico en el peru pdf to the population estimates of the value of credit by Zegarra to determine whether the evolution of credit in the population is consistent with the evolution in the sample.
As I will explain in this article, the population figures do not contradict our estimates. In addition to including the names of the lenders and debtors and the amount of the crisis politico en el peru pdf, most loans included the maturity of the loan, the interest rate, and the mortgaged asset.
Sometimes contracts also included the actual date of payment and the purpose of the loan. Original figures on loan sizes up to are in pesos, and in in soles or pesos. The official currency in Peru to was the silver peso. However, it seems that the common currency was the feeble peso, minted in Bolivia, which had less specie than the Peruvian peso. Inthe government title animation a new currency: One silver peso was equivalent to 0.
I then converted all figures in the sample to silver soles using such equivalence. Notarial records provide information on the location of most borrowers and lenders. Some borrowers and lenders came from cities aside from Lima. Some came from the cities of Arequipa, Ica and Trujillo. Even so, most borrowers and lenders lived in the city of Lima. By the mid th century, interregional credit transactions barely occurred.
The regional characteristic of the credit market did not experie nce significant changes throughout this period. Scattered evidence from notaries in Ica, a city miles South of Lima, is also consistent with the regional view of credit markets: Information on gender indicates that most lenders and borrowers were men Table 1. Nonetheless, women had an active participation in the credit market.
Not only married women, but also single women and widows loaned and borrowed money. Table 1. Distribution of loans according to different categories.
The table reports the distribution of loans according to different categories. For contracts secured with more than one asset, I selected the first asset mentioned in the contract. See text for a description of the data sources. A large percentage of lenders and borrowers were merchants. Merchants represented thus an important source of funds, but this was not limited to mortgage credit.