Religious prohibitions against usury

Reed, Clyde G.; Bekar, Cliff T.

doi:10.1016/s0014-4983(03)00039-1

Cited by 30 publications

(18 citation statements)

References 19 publications

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“…Of course, modern economic analysis tells us that attempts to influence the allocation of credit with price ceilings will be frustrated by alterations in the nonprice terms of credit, but contemporaries supporters of usury limits relied on venerable beliefs that usury limits protected the poor, discouraged the profligate, and the relieved the unfortunate (Reed and Bekar 2002). Evidence presented below is consistent with the modern interpretation.…”

Section: A Brief History Of New York's Usury Lawsupporting

confidence: 52%

Usury Ceilings, Relationships and Bank Lending Behavior: Evidence from Nineteenth Century

Bodenhorn

2005

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Few pieces of economic regulation are ubiquitous as usury limits. Similarly, few economic principles are as widely accepted as the belief that interference with freely contracted prices leads to market distortions, and many studies of financial markets find that usury limits negatively affect credit availability. This study shows that when no regulatory authority monitors and stands ready to punish violators of the usury limit when intermediaries and borrowers form long-term relationships, banks and borrowers regularly contract for interest rates in excess of the usury ceiling. Time series analysis reveals limited effects on credit availability when market rates exceed the usury ceiling. Crosssectional analysis of individual loan contracts also shows that the positive effect of a long-term relationship offsets the negative effect of the usury limit on credit availability.

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Section: A Brief History Of New York's Usury Lawsupporting

confidence: 52%

Usury Ceilings, Relationships and Bank Lending Behavior: Evidence from Nineteenth Century

Bodenhorn

2005

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“…Elle fût suivie par la directive papale de 1838 qui ordonna aux confesseurs de ne plus considérer comme péché commis par les pénitents l'encaissement d'intérêt au taux courant sur des prêts. Selon Reed et Bekar (2003), cette directive papale était motivée par la baisse substantielle des taux d'intérêt qui avait rendu les prêts à la consommation abordables. En même temps, le danger de famine avait été passablement écarté à cause de l'accroissement des investissements en agriculture qui avait généré une production agricole plus abondante et moins variable, sans compter que l'état s'était impliqué davantage dans l'allégement de la pauvreté.…”

Section: Le Concept Et La Pratique De L'usure Dans Le Monde Chrétienunclassified

La condamnation de l’usure dans le Christianisme et dans l’Islam

Khoury¹

2018

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Tout paiement d’intérêt sur un prêt a toujours été condamné comme de l’usure dans le Christianisme et dans l’Islam. Cette condamnation fut imposée par ces deux religions de par leur autorité, sans justification aucune. Malgré tout, elle a inspiré théologiens et exégètes qui ont cherché à l’interpréter et à l’adapter aux impératifs de l’évolution des sociétés. C’est ainsi que du côté chrétien, les docteurs scholastiques ont développé une doctrine de l’usure considérée comme une des premières avancées de la science économique en occident, alors que du côté de l’islam, on assiste depuis la deuxième moitié du XXème siècle à l’émergence d’un système financier moderne fondé sur la Sharia. Cette étude présente une analyse approfondie de l’évolution de la pensée économique sur ce sujet. Elle met en exergue les fondements financiers des mesures proposées par les exégètes et souligne leur impact sur la vie socio-économique en occident et en orient à travers l’histoire.

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“…The Catholic Church's stance on usury provides an example of a non-state legal order redefining what it deems to be wrong behaviour. While the Catholic Church continues to deem usury to be an explicit wrong, how it is defined has changed since the twelfth century (Reed and Bekar 2003). In terms of substituting sanctions, it is also noteworthy that while medieval Church Courts did not impose death sentences (leaving that solely to the state), they did imprison wrongdoers for ecclesiastical wrongs (Langbein 1976).…”

Section: Sanctions That Are Wrongsmentioning

confidence: 99%

Problematic legal pluralism: causes and some potential ‘cures’

Larcom

2014

The Journal of Legal Pluralism and Unofficial Law

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The tools of analytical positivism and economic analysis are applied to the phenomenon of legal pluralism. An analytical framework is developed to ascertain when legal pluralism is problematic in the control of wrongdoing. It is demonstrated that there are three specific cases: rivalrous compliance, sanctions for wrong behaviour that are deemed to be wrongs themselves, and the uncoordinated sanctioning of common wrongs. Then there is a discussion of the consequences and some approaches that can be used to ameliorate each case that has been identified. It is hoped that this framework will be used to guide future practical and theoretical discussions on legal pluralism and its potential problems.

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Religious prohibitions against usury

Cited by 30 publications

References 19 publications

Usury Ceilings, Relationships and Bank Lending Behavior: Evidence from Nineteenth Century

Usury Ceilings, Relationships and Bank Lending Behavior: Evidence from Nineteenth Century

La condamnation de l’usure dans le Christianisme et dans l’Islam

Problematic legal pluralism: causes and some potential ‘cures’

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