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Credit for the poor: the decline of pawnbroking 1880–1930

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  • Sofia Murhem

Abstract

This article is an attempt to explain the decline in pawnbroking over the late nineteenth-century and early twentieth-century Europe, using detailed evidence from Karlskrona in Sweden, 1880–1930. I find that the decline is largely due to changes in demand for pawning, notably improved labor market conditions as reflected in rising real wages and employment opportunities. Instead, there is no evidence for an effect of changes in regulation, the availability of other sources of credit, or the expansion of the welfare system.

Suggested Citation

  • Sofia Murhem, 2016. "Credit for the poor: the decline of pawnbroking 1880–1930," European Review of Economic History, European Historical Economics Society, vol. 20(2), pages 198-214.
    • Handle: RePEc:oup:ereveh:v:20:y:2016:i:2:p:198-214.
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    File URL: http://hdl.handle.net/10.1093/ereh/hev021
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    References listed on IDEAS

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    1. Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.
    2. Lindgren, Håkan, 2002. "The Modernization Of Swedish Credit Markets, 1840–1905: Evidence From Probate Records," The Journal of Economic History, Cambridge University Press, vol. 62(3), pages 810-832, September.
    3. Wang, Ta-Chen, 2008. "Banks, Credit Markets, and Early American Development: A Case Study of Entry and Competition," The Journal of Economic History, Cambridge University Press, vol. 68(2), pages 438-461, June.
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    Cited by:

    1. Eoin McLaughlin & Rowena Pecchenino, 2022. "Fringe banking and financialization: Pawnbroking in pre‐famine and famine Ireland," Economic History Review, Economic History Society, vol. 75(3), pages 903-931, August.
    2. Tatsuki Inoue, 2023. "Health Impacts of Public Pawnshops in Industrializing Tokyo," Papers 2305.09352, arXiv.org, revised May 2024.

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