This study relaxes the assumption of perfect and costless policy enforcement found in traditional agricultural policy analysis and introduces enforcement costs and cheating into the economic analysis of output subsidies. Policy design and implementation is modeled in this paper as a sequential...

This study proposed a theoretical framework for analyzing farm capital structure choice. The theoretical model recognizes that the costs of debt are endogenously determined which in turn reflect the degree of credit constraint faced by individual borrowers. Based on the proposed model, we...

We report results from preliminary analysis of the recently constructed dataset from the Farm Service Agency, FSA 1614. FSA 1614 provides the location of the farm and the farm payment recipient for all Title I payments. This makes it possible to analyze the spatial dispersion between landowner...

Replaced with revised version of paper 10/17/08.

This study answers how profitability changes from a lender and borrower perspective. Using the FBFM data for periods from 1995 to 2004, we find that the variables that explain the profitability of a lender and borrower differ. Further, doing the regression according to categories, gives us...

The enforcement of contracts is necessary for efficient exchange in economic activities. The predominance in agriculture of informal contracts leads in many countries to the implementation of specific legal rules for contract law. This article emphasises the complementarities between public and...

The objective of this study is to construct a macroeconomic model emphasizing agriculture and analyze the economic impacts of the financial crisis on the Korean farm and non-farm sectors. The simulation results show that financial shocks have great impacts on general economy and change the...

This study examines credit score migration rates of farm businesses. We test whether migration probabilities differ across business cycles. Our results suggest that agricultural credit ratings are more likely to improve during expansions and deteriorate during recessions. We also test whether...