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Financial intermediaries and the design of loan contracts within the Australasian pastoral sector before the Second World War

Published online by Cambridge University Press:  10 June 2002

SIMON VILLE  and
GRANT FLEMING
SIMON VILLE
Affiliation:
The Faculty of Economics and Commerce, Australian National University, Canberra ACT 0200, Australia
GRANT FLEMING
Affiliation:
The Faculty of Economics and Commerce, Australian National University, Canberra ACT 0200, Australia
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Abstract

Simon Ville and Grant Fleming, Financial intermediaries and the design of loan contracts within the Australasian pastoral sector before the Second World War

This paper examines the pooling and separating contracts designed by Australasian financial intermediaries in the late nineteenth and early twentieth centuries. We show that, after an initial screening process, these agents altered interest rates and collateral requirements to separate out risk types to reveal additional information on borrowers. In multi-period contracts, agents opted for flexible contract structures which permitted changes in individual or community-wide circumstances.

Type
Research Article
Information
Financial History Review , Volume 7 , Issue 2 , October 2000 , pp. 201 - 218
Copyright
© 2000 Cambridge University Press

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