CREDIT RATIONING IN THE POLISH FARM SECTOR: A MICROECONOMETRIC ANALYSIS BASED ON SURVEY DATA /доклад на 10 конгрессе ЕААЕ, Exploring Diversity in the European Agri-Food System, Zaragoza, Spain, 28-31 August 2002
Опубликовано на портале: 29-11-2003
2002
Тематический раздел:
The objective of this paper is to empirically detect credit rationing of Polish farms.
Based on cross-sectional
survey data and motivated by a microeconomic farm household model, this effort is
pursued by a methodology
consisting of three interrelated steps. These steps include the analysis of qualitative
survey data regarding farmers’
experience with bank credit, based on this an econometric estimation of internal
shadow prices of credit for
the credit constrained sub-sample of respondents, and finally an investigation of
interdependencies between
determinants of consumption and production that should be influenced by the presence
of a binding credit constraint.
The results of the empirical analysis consistently suggest that among the observed
randomly selected Polish
farms more than 40 percent of borrowers experience pronounced credit rationing by
rural banks. These farms
display internal shadow prices of the credit constraint of on average 190 percent
net of principal. Shadow prices
are significantly different from individual effective interest rates for credit that
account for loan specific transaction
costs. In the group of credit constrained farms, household characteristics could
be proven to have a significant
effect on output supply. This is evidence for a violation of separability between
production and consumption
decisions and thus lends empirical support to the existence of a binding credit constraint.
Overall, credit
constrained farm households own less and rent more land than the average, operate
with a high capital intensity
with regard to land, tend to have a poor credit history, and engage intensively in
intra-village conversation. Generous
government support via interest rate subsidisation apparently contributed little
to alleviate credit rationing
of farms in Poland.
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