Risk Rationing and Wealth Effects in Credit Markets: Theory and Implications for Agricultural Development
We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and "risk rationing," whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe, s...
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| Published in | American journal of agricultural economics Vol. 90; no. 2; pp. 409 - 423 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Malden
Blackwell Publishing Inc
01.05.2008
Oxford University Press Blackwell Publishing, Inc Blackwell Publishing Ltd |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0002-9092 1467-8276 |
| DOI | 10.1111/j.1467-8276.2007.01116.x |
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| Abstract | We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and "risk rationing," whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe, subsistence activity. After exploring its incidence with respect to wealth, we show that risk rationing has important policy implications. Specifically, land titling will be only partially effective because it does not enhance producers' willingness to offer up the collateral needed to secure loans under moral hazard constraints. Efforts to enhance agricultural investment and the working of agricultural credit markets must step beyond land titling and also deal with risk. |
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| AbstractList | We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and 'risk rationing,' whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe, subsistence activity. After exploring its incidence with respect to wealth, we show that risk rationing has important policy implications. Specifically, land titling will be only partially effective because it does not enhance producers' willingness to offer up the collateral needed to secure loans under moral hazard constraints. Efforts to enhance agricultural investment and the working of agricultural credit markets must step beyond land titling and also deal with risk. Reprinted by permission of the American Agricultural Economics Association We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and “risk rationing,” whereby farmers are able to borrow but only under high‐collateral contracts that offer them lower expected well‐being than a safe, subsistence activity. After exploring its incidence with respect to wealth, we show that risk rationing has important policy implications. Specifically, land titling will be only partially effective because it does not enhance producers' willingness to offer up the collateral needed to secure loans under moral hazard constraints. Efforts to enhance agricultural investment and the working of agricultural credit markets must step beyond land titling and also deal with risk. We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and "risk rationing," whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe, subsistence activity. After exploring its incidence with respect to wealth, we show that risk rationing has important policy implications. Specifically, land titling will be only partially effective because it does not enhance producers' willingness to offer up the collateral needed to secure loans under moral hazard constraints. Efforts to enhance agricultural investment and the working of agricultural credit markets must step beyond land titling and also deal with risk. [PUBLICATION ABSTRACT] |
| Author | Boucher, Stephen R. Carter, Michael R. Guirkinger, Catherine |
| Author_xml | – sequence: 1 fullname: Boucher, Stephen R – sequence: 2 fullname: Carter, Michael R – sequence: 3 fullname: Guirkinger, Catherine |
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| Notes | http://dx.doi.org/10.1111/j.1467-8276.2007.01116.x istex:8AFA69871BEC7580ED2D20168F8A95FFD9FD55CD ark:/67375/HXZ-KXD21LVQ-6 The authors are grateful for the helpful comments received from one of the anonymous referees, Brad Barham, Paul Mitchell and seminar participants at Berkeley, Cornell, Maryland, and Wisconsin. SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-2 content type line 23 ObjectType-Article-1 ObjectType-Feature-2 |
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| Snippet | We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and "risk rationing,"... We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and “risk rationing,”... We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and 'risk rationing,'... |
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| SubjectTerms | Agricultural credit Agricultural development Agricultural economics Agricultural investment Agricultural land Agricultural lending agricultural policy Agriculture Asymmetric information Bond markets Collateral Credit Credit rationing Credit risk economic policy farm credit farm income Farmers finance Financial risk G210 income and wealth land titling Lenders loan risk Loans mathematical models Moral hazard O130 Property Q140 Q150 quantity rationing Rationing Risk Risk aversion risk management risk rationing secure loans Studies Subsistence farming Transfer of title Wealth |
| Title | Risk Rationing and Wealth Effects in Credit Markets: Theory and Implications for Agricultural Development |
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