Economists and economic historians have generally understood different forms of land tenure as arrangements for the supply of labor. This paper suggests a different interpretation -- that land-tenure arrangements be understood rather as arrangements for the supply of financing. The cost and...

This paper is designed to provide different explanations for the existence of credit-product interlinkage in backward agriculture. The paper shows that the credit market imperfection is not the only explanation for the existence of credit-product interlinkage. It can also be explained in terms...

The complexity of managing physical and financial risk throughout the commodity production, processing and merchandising chain presents numerous challenges. To solve this problem commercials are increasingly turning to Energy and Commodity Transaction Risk Management (E/CTRM) systems. Still,...

This empirical study focuses on credit risk models for small businesses in the U.S. and tests if different models are needed based on the type of business. The application is specifically for small farm businesses (dairy, beef, grain, and hog farm businesses) in Illinois from 1995 to 2006. The...

The increasing availability of data in credit markets may appear to make adverse selection concerns less relevant. However, when there is adverse selection, more information does not necessarily increase welfare. We provide tools for making better use of the data that is collected from potential...

Empirical analysis of rural credit market failure has been of key scientific and political interest in recent years. The aim of this paper is to give an overview of various methods for measuring credit rationing of farms employed in the literature. Furthermore, based on a common analytical...

I develop and estimate a dynamic stochastic optimization model to assess the impact of weather insurance on the consumption, investment, and welfare of farmers in developing countries. Weather insurance has the potential to provide large welfare gains, equivalent to a permanent increase in...

A stable agricultural income is often regarded as a way to achieve a better environmental performance in this sector. However, conventional income stabilization tools have been showing recently signs of exhaustion. Under this critical juncture, EU institutions have encouraged the expansion of...

Empirical analysis of rural credit market failure has been of key scientific and political interest in recent years. The aim of this paper is to give an overview of various methods for measuring credit rationing of farms employed in the literature. Furthermore, based on a common analytical...

In this paper we adapt a dynamic discrete choice model to examine the aggregated demand for single- and multi-year crop insurance contracts. We show that in a competitive insurance market with heterogeneous risk averse farmers, there is simultaneous demand for both insurance contracts. Moreover,...