Political instability, institutions and mortgage credit in Lima, Peru

Luis F. Zegarra

Research output: Contribution to journalReview articlepeer-review

2 Scopus citations


This article analyzes the evolution of the mortgage credit market in Lima between 1835 and 1865. In particular, it explores the effects of political instability and institutional change on the allocation of mortgage credit. Based on a sample of more than 1 400 notarized records, the article suggests that political instability and institutional uncertainties led to the stagnation of credit markets in the 1830s and early 1840s. As Peru became more stable after 1845 and the risk of lending declined, the credit market expanded more rapidly and interest rates decreased.

Original languageEnglish
Pages (from-to)165-195
Number of pages31
JournalAmerica Latina en la Historia Economica
Issue number1
StatePublished - 1 Jan 2018
Externally publishedYes


  • Credit institutions
  • Mortgage credit
  • Political instability


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