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http://hdl.handle.net/10419/59150
  

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dc.contributor.authorCarruthers, Bruce G.en_US
dc.contributor.authorGuinnane, Timothyen_US
dc.contributor.authorLee, Yoonseoken_US
dc.date.accessioned2009-06-04en_US
dc.date.accessioned2012-06-20T13:14:56Z-
dc.date.available2012-06-20T13:14:56Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/59150-
dc.description.abstractThe Uniform Small Loan Law (USLL) was the Russell Sage Foundation's primary device for fighting what it viewed as the scourge of high-rate lending to poor people in the first half of the twentieth century. The USLL created a new class of lenders who could make small loans at interest rates exceeding those allowed for banks under the normal usury laws. About two-thirds of the states had passed the USLL by 1930. This paper describes the USLL and then uses econometric models to investigate the state characteristics that influenced the law's passage. We find that urbanization and state-level economic characteristics played significant roles. So did measures of the state's banking system. We find no evidence that party-political affiliations had any effect, which is consistent with the USLL's progressiveā€ character. Finally, we find little evidence that the passage of the USLL in one state made passage more likely in neighboring or similar states. If anything, the cross-state influences were negative. Our findings suggest that the Russell Sage Foundation only imperfectly understood the political economy of the USLL, and that a different overall approach might have produced a result closer to their aims.en_US
dc.language.isoengen_US
dc.publisherYale Univ., Economic Growth Center New Haven, Conn.en_US
dc.relation.ispartofseriesCenter Discussion Paper, Economic Growth Center 971en_US
dc.subject.jelN21en_US
dc.subject.jelN22en_US
dc.subject.jelI38en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.jelK23en_US
dc.subject.ddc330en_US
dc.subject.keyworduniform lawen_US
dc.subject.keywordsmall loansen_US
dc.subject.keywordconsumer crediten_US
dc.subject.keywordusury lawsen_US
dc.titleBringing "honest capital" to poor borrowers: The passage of the uniform small loan law, 1907-1930en_US
dc.typeWorking Paperen_US
dc.identifier.ppn601165527en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Center Discussion Papers, Economic Growth Center (EGC), Yale University

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