Finnish paper examines 19th century Chinese lending

The Bank of Finland

A paper published by the Bank of Finland looks at considers consumer lending “in a setting where repayment enforcement appears impossible”.

In Lending without creditor rights, collateral, or reputation : The “trusted assistant” loan in 19th century China, Meng Miao, Guanjie Niu and Thomas Noe examine the private papers of 27 Chinese government officials working between 1810 and 1910.

Officials had to pass exams, which took lengthy and expensive study, which in turn led many to seek private loa

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