Fringe banking and financialisation: Pawnbroking in pre-famine and famine Ireland
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Date
2021-09
Authors
McLaughlin, Eoin
Pecchenino, Rowena
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Volume Title
Publisher
European Historical Economics Society
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Abstract
Pawnbroking, one of the oldest and most accessible forms of credit, was a common feature of life in pre-famine and famine Ireland. This paper studies the role of pawnbroking in the Irish financial system during this important period, applying insights from modern studies on fringe banking to analyse pawnbroking in Ireland. In the period under study, a formal tiered financial system existed; regulated joint stock banks offered services to industry and the better off, while fringe banks provided financial services largely, but not exclusively, to unbanked groups. The main findings are that pawnbrokers provided a steady source of credit throughout the island of Ireland and that this credit stream was more durable than that provided by alternative financial service providers in the fringe banking market, especially during the famine. Our findings suggest a nuanced interpretation is needed as we find strong interrelationships between the various financial service providers.
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Working Paper
Keywords
Fringe banking , Financialisation , Pawnbroking , Ireland
Citation
McLaughlin, E. and Pecchenino, R. (2021) 'Fringe banking and financialisation: Pawnbroking in pre-famine and famine Ireland', European Historical Economics Society Working Paper No. 215. Available at: http://www.ehes.org/EHES_215.pdf (Accessed: 19 October 2021)
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© 2021, the Authors. The material presented in the EHES Working Paper Series is property of the authors and should be quoted as such. The views expressed in this Paper are those of the authors and do not necessarily represent the views of the EHES or its members.