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Notarial activity and credit demand in Lisbon during the Eighteenth-Century

Author

Listed:
  • Leonor Freire Costa
  • Maria Manuela Rocha
  • Paulo Brito

Abstract

The long-term financial effects of increased liquidity in the Portuguese economy in the 18th century are the subject of an ongoing study on the private credit market in Lisbon. The research project focuses interest rates variations and the 1755 earthquake’s impacts, integrating these topics into a broader approach on the Portuguese economy in a time when colonial Brazil contributed to gold money inflows. This article presents the methodological procedures followed to build up a representative sample of short-term loans that form the database for this project and describes the first results of the study considering the uses of credit. First results assure the minor role played by investment, whereas the main use of loans was personal credit for consumption. An extremely large proportion of this category, however, referred to contracts for the acquisition of durable goods (including the building of urban properties). The importance of rollover and restructuring of debts is the unanticipated information these short-term loans provided, and the earthquake did not show up as affecting particularly this feature of the structure of credit. The destruction of capital nevertheless accounted for the need of building and improving residential capital, and for that reason organisational investment to rebuild urban stores and rural equipment reached some representativeness among the overall uses of credit between 1756 and 1780.

Suggested Citation

  • Leonor Freire Costa & Maria Manuela Rocha & Paulo Brito, 2014. "Notarial activity and credit demand in Lisbon during the Eighteenth-Century," Working Papers GHES - Office of Economic and Social History 2014/51, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
  • Handle: RePEc:ise:gheswp:wp512014
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    File URL: https://ghes.rc.iseg.ulisboa.pt/wp/wp512014.pdf
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    References listed on IDEAS

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    1. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 2001. "Priceless Markets," University of Chicago Press Economics Books, University of Chicago Press, number 9780226348018.
    2. Odell, Kerry A. & Weidenmier, Marc D., 2004. "Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907," The Journal of Economic History, Cambridge University Press, vol. 64(4), pages 1002-1027, December.
    3. Barro, Robert J., 1987. "Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 221-247, September.
    4. North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(4), pages 803-832, December.
    5. Sussman, Nathan & Yafeh, Yishay, 2006. "Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690–1790," The Journal of Economic History, Cambridge University Press, vol. 66(4), pages 906-935, December.
    6. Quinn, Stephen, 2001. "The Glorious Revolution'S Effect On English Private Finance: A Microhistory, 1680–1705," The Journal of Economic History, Cambridge University Press, vol. 61(3), pages 593-615, September.
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    Cited by:

    1. Leonor Freire Costa, & M. Manuela Rocha, & Paulo Brito, 2014. "Money Supply and the Credit Market in Early Modern Economies: The Case of Eighteenth-Century Lisbon," Working Papers GHES - Office of Economic and Social History 2014/52, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.

    More about this item

    Keywords

    Credit markets; Brazilian gold; Lisbon earthquake. JEL classification : N13; N23; N43;

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913

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