In Defense of Usury Laws
论证在道德风险导致信贷配给时，适度的高利贷法反而能创造福利收益，为利率上限提供了新的经济学辩护。
Usury law is often criticized by economists for curtailing lending and thus creating deadweight costs. This paper shows that if moral hazard leads to credit rationing, a just‐binding usury law creates a deadweight gain. This property also holds in most market‐clearing equilibria. Independent of social insurance benefits, or curbing present‐biased preferences, interest rate caps have merit.