Microfinances at the eve of capitalism. Notarial credit during the second half of the 18th century in Buenos Aires

WASSERMAN, MARTÍN L. E.

Paris

Congreso; XIX World Economic History Congress; 2022

EHESS - PSE - CNRS

Since ancienne regime times, notaries exercised an active role in shaping the dealings they formalized. Debts obligations and mortgages contracts were some of the major dealings rubricated at the notarial office in Buenos Aires during the 18th century. Their role allowed businesses without the restrictions of relational proximity between creditor and debtor, bypassing the reputational sanction mechanisms. After the Seven Years' War (1756-1763), Buenos Aires became one of the epicentres of imperial conflict in Hispanic America. This resulted in increasing regional remissions of fiscal resources to Buenos Aires, to cover the expenses involved in the military defence of this Imperial border. The influxes of fiscal money invigorated the economy of Buenos Aires since 1766, promoting by indirect ways an acceleration of commerce and, therefore, an increasing use of credit instruments. In absence of local banks, from 17th century economic actors of Buenos Aires had resorted to notaries to access credit resources, in a tradition that resembles other latitudes of the European and Hispanic American economies. This practice flourished during the second half of the 18th century with the multiplication of notarial offices in town. Using statistical tools and Social Network Analysis, this paper advances on the central aspects of the active function of notaries in credit transactions: mediation and contractual informational intermediation in a prebank economy.