The reform of formerly centrally planned economies involves freeing the price system, developing a competitive environment, and privatizing many of the state-owned or controlled assets and services, while simultaneously generating the social, economic and legal infrastructure that undergrids a...

The most common form of government intervention in the rural sector has been massive lending at subsidized interest rates. Credit programs generally aim to reach small farmers. However, despite the expansion of credit over the last three decades, few farmers in low income countries seem to have...

Subsidized formal credit to the agricultural sector has been advocated as more efficient, equitable, and easier to implement than, say, land reform. But the record on subsidized credit to farmers is dismal. It shows a significant failure either to achieve an increase of agricultural output...