Agricultural credit problems and policies during the transition to a market economy in central and Eastern Europe

Food Policy

Volumn 24, Issue 1, 1999, Pages 21-47

  Swinnen, Johan F M ^a   Gow, Hamish R ^a  

^a UNIVERSITY OF LEUVEN   (Belgium)

Author keywords

[No Author keywords available]

Indexed keywords

AGRICULTURAL POLICY; CREDIT PROVISION; ECONOMIC REFORM; MARKET TRANSITION; RURAL FINANCE;

EUROPE;

EID: 0033080144     PISSN: 03069192     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0306-9192(98)00067-0     Document Type: Article

References (56)

1. Adams, D.W., Fitchett, D.A. (Eds.), 1992. Informal Finance in Low-Income Countries. Westview Press, Boulder.
2. Adams, D.W., Douglas, H.G., Von Pischke, J.D. (Eds.), 1984. Undermining Rural Development with Cheap Credit. Westview Press, Boulder.
3. Adams, D.W., Vogel, R.C., 1997. Rural Finance in Romania: report for IMCC, Arlington, VA.
4. Akerlof G.A. The market for 'lemons': qualitative uncertainty and the market mechanism. Quarterly Journal of Economics. 84(August):1970;488-500.
5. Beljer, M.I., Sagari, S.B., 1991. Hungary: financial sector reform in a socialist economy. PPR Working Paper 595, Policy, Planning, and Research Department, Washington DC.
6. Berger A.N., Udell G.F. Collateral, loan quality and bank risk. Journal of Monetary Economics. 25(1):1990;000-000.
7. Besanko D., Thakor A.V. Collateral and rationing: Sorting equilibria in monopolistic competition. International Economic Review. 28(3):1987;21-42.
8. Bester H. Screening vs rationing in credit markets with imperfect information. American Economic Review. 75(4):1985;850-855.
9. Bester H. The role of collateral in credit markets with imperfect information. European Economic Review. 31(4):1987;887-899.
10. Borish, M.S., Long, M.F., Noël, M., 1995. Restructuring Banks and Enterprises: Recent Lessons from Transitional Countries. World Bank Discussion Papers, No. 279, Washington, DC.
11. Chang C. The dynamic sturcture of optimal debt contracts. Journal of Economic Theory. 52:1990;68-86.
12. De Meza D., Webb D.C. Too much investment: a problem of asymmetric information. Quarterly Journal of Economics. 102(May):1987;281-292.
13. De Meza D., Webb D.C. Efficient credit rationing. European Economic Review. 36:1992;1277-1290.
14. Dabrowski, J., Jamrozik, M., 1997. Policy Issues and Experiences in Agricultural Finance: The Case of Poland. A paper presented at the Expert Meeting on Agricultural Finance in Transitional Economies, OECD, Paris, February 18-19.
15. Demirgüç-Kunt, A., Maskimovic, V., 1996. Financial Constraints, Uses of Funds, and Firm Growth: An International Comparison. Policy Research Working Paper 1671, World Bank, Policy Research Department, Washington, DC.
16. Dixit, A.K., Pindyck, R.S., 1994. Investment Under Uncertainty. Princeton University Press, Princeton, NJ.
17. Dowd K. Optimal financial contract. Oxford Economic Papers. 44(October):1992;672-693.
18. Dowd, K., 1997. Competition and Finance: A Reinterpretation of Financial and Monetary Economics. Macmillan Press, London.
19. Fafchamps M. Trade credit in Zimbabwean manufacturing. World Development. 25(5):1997;795-815.
20. Fleisig, H., 1995. The power of collateral: how problems in securing transactions limit private credit for movable property. Public Policy for the Private Sector. Note No. 43, Private Sector Development Department, The World Bank, New York.
21. Fry, M.J., 1988. Money, Interest, and Banking in Economic Development. The Johns Hopkins University Press, Baltimore.
22. Galbraith, J.K., 1987. Economics in Perspective. Houghton Mifflin Company, Boston.
23. Gow H.R., Swinnen J.F.M. Up- and downstream restructuring, foreign direct investment and hold-up problems in agricultural transition. European Review of Agricultural Economics. 25:1998;331-350.
24. Greenwald B., Stiglitz J.E. Externalities in economics with imperfect information and incomplete markets. Quarterly Journal of Economics. 101(2):1986;229-264.
25. Harris M., Raviv A. Optimal incentive contracts with imperfect information. Journal of Economic Theory. 21:1979;231-259.
26. Hart, O., Moore, J., 1993. Debt and seniority: an analysis of the role of hard claims in constraining manangement. London School of Economics Financial Markets Group, Discussion Paper No. 168.
27. Hart O., Moore J. A theory of debt based on the inalienability of human capital. Quarterly Journal of Economics. 99:1994;841-879.
28. Hubbard A. Capital-market imperfections and investment. Journal of Economic Literature. 36(1):1998;193-225.
29. Jackson, M., Swinnen, J.F.M., 1995. A statistical analysis and survey of the current situation of agriculture in the Central and Eastern European countries. Report to EU Commission DG-1, LICOS, K. U. Leuven.
30. Jensen M.C. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review. 76:1986;323-339.
31. Karp, L., Stefanou, S., 1994. Credit subsidies to support agriculture. In: Schmitz, A., Moulton, K., Buckwell, A., Davidova, S. (Eds.), Privatization of Agriculture in New Market Economies: Lessons from Bulgaria. Kluwer Academic Publishers, Dordrecht.
32. McKinnon, R.I., 1990. Stablizing the Ruble: The problem of internal currency convertibility. Working Paper, Department of Economics, Stanford University, Palo Alto, CA.
33. Meyer, J.R., Kuh, E., 1957. The Investment Decision. Harvard University Press, Cambridge, MA.
34. Myers S.C. The capital structure puzzle. Journal of Finance. 39(July):1984;575-592.
35. Myers S.C., Majluf N.S. Corporate financing and investment decisons when firms have information that investors do not have. Journal of Financial Economics. 13(June):1984;187-221.
36. OECD, 1997. Agricultural Policies in Transitional Economies: Monitoring and Evaluation 1997. Centre for Co-operation with the Economies in Transition, OECD, Paris, France.
37. OECD, 1998. Agricultural Policies in Emerging and Transition Economies: Monitoring and Evaluation 1998. OECD Centre for Co-operation with Non-members, OECD, Paris, France.
38. Pederson, G.D., Brooks, K., Lektman, O., Lerman, Z., 1997. Russian farm finance performance and restructuring: A debt or profitability problem? World Bank Discussion Paper (Draft), The World Bank, Washington DC.
39. Pederson, G.D., Khitarishvili, T., 1997. Challengers of agricultural and rural finance in CEE, NIS and Baltic countries. Working paper WP97-5, Center for International Food and Agricultural Policy, University of Minnesota, St. Paul, MN.
40. Petersen M.A., Rajan R.G. Trade credit: theories and evidence. Review of Financial Studies. 10(3):1997;661-692.
41. Rizov, M., 1996. The problem of collateral in conditions of underdeveloped land (factor) markets in the transitional economies of CEECs. Unpublished Master's thesis, Wye College, University of London.
42. Stiglitz, J., 1982. Information and capital markets. In: Sharpe, W.F., Cootner, C.M. (Eds.), Financial Economics: Essays in Honor of Paul Cootner. Prentice Hall, Englewood Cliffs, NJ.
43. Stiglitz J. Why financial structure matters. Journal of Economic Perspectives. 2(4):1988;121-126.
44. Stiglitz, J., 1993. Incentives, organizational structures and contractual choice in the reform of socialist agriculture. In: Braverman, A., Brooks, K., Csaki, C. (Eds.), The Agricultural Transition in Central and Eastern Europe and the Former USSR. World Bank, Washington D.C.
45. Stiglitz, J., 1994. The role of the state in financial markets. Proceedings of the World Bank Conference on Development 1993. Supplement to the World Bank Economic Review and World Bank Research Observer, World Bank, Washington D.C.
46. Stiglitz J., Weiss A. Credit rationing in markets with imperfect information. American Economic Review. 71(3):1981;393-409.
47. Swinnen, J.F.M., 1994. In: Schmitz, A., Moulton, K., Buckwell, A., Davidova, S. (Eds.), Privatization of Agriculture in New Market Economies: Lessons from Bulgaria. Chapter 4. Kluwer Academic Press.
48. Szabó, M., 1997. Policies for the development of the agricultural finance system: focusing on the Hungarian experiences. A paper presented at the Expert Meeting on Agricultural Finance in Transitional Economies, OECD, Paris, February 18-19.
49. Townsend R.M. Optimal contracts and competitive markets with costly state verification. Journal of Economic Theory. 21(October):1979;265-293.
50. Tybout J.R. Credit rationing and investment behaviour in a developing country. Review of Economics and Statistics. 65(4):1983;598-607.
51. Tybout J.R. Interest controls and credit allocation in developing countries, Part 1. Journal of Money, Credit and Banking. 16(4):1984;474-480.
52. Von Pischke J.D., Adams D.W. Fungibility and the design and evaluation of agricultural credit projects. American Journal of Agricultural Economics. 62(4):1980;719-726.
53. Von Pischke, J.D., Adams, D.W., Donald, G., 1983. Rural Financial Markets in Developing Countries. The Johns Hopkins University Press, Baltimore.
54. Von Pischke, J.D., 1991. Finance at the Frontier. Debt Capacity and the Role of Credit in the Private Economy. EDI Development Studies, The World Bank, Washington, DC.
55. VUEPP, 1997. Green Report. Slovak Ministry of Agriculture, Bratislava, Slovakia.
56. Williamson O.E. Credible commitments: using hostages to support exchange. American Economic Review. 73(September):1983;519-540.