Purpose: This study examines the relationship between economic fluctuations and financial distress in the US agricultural sector, which is associated with a large degree of financial instability. Design/methodology/approach: The authors developed a parsimonious model of economic fluctuations in...

Purpose: This study examines agricultural lending by commercial banks and the competition they face from the Farm Credit System (FCS) and non-traditional lenders, including merchants, dealers and other input suppliers. Design/methodology/approach: We construct a measure of commercial banks'...