Agricultural Credit and Economic Growth in Rural Areas
Agricultural Credit and Economic Growth in Rural Areas
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DOI：
10.1108/afr-04-2015-0018
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发表时间：
2015-04
期刊：
影响因子：
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通讯作者：
Denis Nadolnyak;Valentina Hartarska;Xuan Shen
中科院分区：
文献类型：
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作者：
Denis Nadolnyak;Valentina Hartarska;Xuan Shen
目的- -在本文中，作者着手确定金融与农村地区经济增长之间是否存在联系。本文的目的是评估1991-2010年期间农村地区主要贷款机构-商业银行和农业信贷系统（FCS）机构-的信贷与经济增长之间的关系。设计/方法/方式-这项工作的动机来自实证研究，显示经济发展和金融体系发展之间的联系，以及从工作，突出了银行提供的长期融资的积极作用。作者使用两个可供选择的面板数据集和固定效应模型来估计信贷供给（滞后解释变量）对农村居民人均农业GDP增长的因果效应。结果- -作者发现农业贷款和农业人均GDP增长之间存在正相关关系，额外的10亿贷款（约为实际平均水平的三分之一）与7%-10%的州增长率相关，这种关联在20世纪90年代更强。区域数据证实了这些结果。结果表明，由于金融统计局机构和商业银行的贷款，这一时期农村地区的信贷和经济增长之间存在积极联系。研究限制/影响-数据的可用性限制了本文的范围。作者使用了1991-2003年期间的州一级资产负债表数据和2003-2010年期间的年度数据。构建了1991-2010年的额外区域数据集，其中包含美国农业部十个农业生产地区的更多汇总数据。小组数量少限制了使用更复杂的计量经济学模型的能力，也限制了对反映经济增长的因变量的选择。实际影响-通过提供证据表明，农业融资，特别是贷款，大大有助于美国农业的增长，本文有助于天气支持农业融资举措的政策辩论是合理的。独创性/价值-作者不知道另一项研究，商业银行和FCS机构在美国农村地区的增长农业贷款。
Purpose - – In this paper, the authors set out to establish if there is a link between finance and economic growth in rural areas. The purpose of this paper is to evaluate the relation between credit by major lenders in rural areas – commercial banks and Farm Credit System (FCS) institutions – and economic growth for the period 1991-2010. Design/methodology/approach - – The motivation for this work comes from empirical studies showing a link between economic development and financial system development as well as from work which highlights the positive role of long-term finance provided by banks. The authors use two alternative panel data sets and fixed effects models to estimate the causal effect of credit supply (with lagged explanatory variables) on agricultural GDP growth per rural resident. Findings - – The authors find a positive association between agricultural lending and agricultural GDP growth per rural resident with additional billion in loans (about a third of the actual average) associated with 7-10 percent higher state growth rate with this association stronger during the 1990s. Regional data confirm these results. The results point to a positive link between credit and economic growth in rural areas during that period, attributable to the lending by FCS institutions and by commercial banks. Research limitations/implications - – Data availability limits the scope of this paper. The authors use state level balance sheet data available for the 1991-2003 period and annual data for 2003-2010 period. An additional regional data set is constructed for 1991-2010 with more aggregated data for the ten USDA agricultural production regions. The small number of panels limits the ability to use more sophisticated econometric models and the choice of dependent variables that captures economic growth. Practical implications - – By provides evidence that agricultural finance and in particular lending contribute significantly to the growth of US agriculture, this paper contributes to the policy debate on weather support for agricultural finance initiatives is justified. Originality/value - – The authors are not aware of another study that has linked agricultural lending by commercial banks and FCS institutions to growth in rural areas in the USA.