This paper explores the idea that off-farm income is used for investment in farm assets. Using Alabama farm data for the 1997-2004 period, we find that farm investment is more sensitive to off-farm than to on-farm income, and that this sensitivity is stronger for farms with sales less than $250,000.

This paper studies how various governance mechanisms affect the performance of microfinance institutions in Central and Eastern Europe and the Newly Independent States. Results show that managerial compensation matters, that market forces are becoming important disciplining device, and that...

We study the link between economic growth and resource endowment in the southeastern United States and find signs of Dutch Disease. Using data for 815 counties in this region, we focus attention on the connection between economic growth and forest resources. Our data support the Dutch Disease...

The paper examines the impact of MFIs on microenterprises in Ghana. Employing the financing constraints approach and using 2007 BEEPS data, supported with a Propensity Score Matching method, results indicate that unconstrained microenterprises are less sensitive to internal funds and thus MFIs...

This paper is prepared for SAEA 2013 conference

This paper focuses on the ability of microfinance rating agencies to impose market discipline on microfinance institutions by rating these organizations' performance. Results indicate that not all rating agencies are equal as only one rater was able to impose market discipline by promoting...

We study the efficiency of Community Development Loan Funds (CDLFs) in the U.S.A. between 2002 and 2005. We find that the largest CDLFs tend to be most efficient and that efficiency decreases with age and the proportion of minority representation on the board, while board size does not affect...

Using data between 1995 and 2010, we find that agricultural banks are benefiting from the derivatives activities by reducing total risk without hurting their profit. In nonagricultural banks, both profitability and total risk are adversely affected, possibly due to speculative derivatives positions.

We use survey data to study the level of financing constrains faced by new farmers in Alabama post 2008, and identify who got loans. We find that new farmers are financially constrained but not impacted by the crisis. Lending was collateral driven, although lenders also considered profitability...