The paradox of slave collateral

IF 2.6 1区历史学 Q1 ECONOMICS

Explorations in Economic History Pub Date : 2025-03-02 DOI:10.1016/j.eeh.2025.101670

Rajesh P. Narayanan , Jonathan Pritchett

引用次数: 0

Abstract

As mobile financial assets, slaves have high liquidation value that makes them desirable as loan collateral. The mobility of slaves also makes them insecure collateral because borrowers could sell slaves to outside buyers or move them beyond the reach of creditors. We contend that creditors balanced the opposing forces of liquidity and security in deciding whether to extend credit against slave collateral. Using an original sample of New Orleans mortgage and sales records, we find that relatively few loans were backed with slave collateral and that slave buyers paid higher interest rates for their loans.

查看原文本刊更多论文

奴隶抵押品的悖论

作为流动的金融资产，奴隶具有很高的清算价值，因此可以作为贷款抵押品。奴隶的流动性也使他们成为不安全的抵押品，因为借款人可以把奴隶卖给外部买家，或者把奴隶转移到债权人无法触及的地方。我们认为，债权人在决定是否以奴隶抵押品为抵押延长信贷时，平衡了流动性和安全性的对立力量。使用新奥尔良抵押贷款和销售记录的原始样本，我们发现有奴隶抵押品支持的贷款相对较少，奴隶买家为他们的贷款支付更高的利率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Explorations in Economic History Multiple-

CiteScore

2.50

自引率

8.70%

发文量

期刊介绍： Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.