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Simulating the Impacts of Credit Policy and Fertilizer Subsidy on Central Luzon Rice Farms, the Philippines

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  • Mark W. Rosegrant
  • Robert W. Herdt

Abstract

The effects of credit policy and fertilizer subsidy on farmers' input choices, production, and income are examined with a multiseason decision-making model. Stochastic production technology, risk-neutral and risk-averse decision rules, short-term savings/consumption behavior, and a dual financial market are considered. Results indicate the risk-neutral rule is more consistent with actual choices than risk-averse rules. Estimated yields increased 21% to 30% from joint credit and fertilizer subsidies. Benefits are greater on irrigated than on rainfed farms. A substantial default rate in the institutional market reduces credit program benefits.

Suggested Citation

  • Mark W. Rosegrant & Robert W. Herdt, 1981. "Simulating the Impacts of Credit Policy and Fertilizer Subsidy on Central Luzon Rice Farms, the Philippines," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(4), pages 655-665.
    • Handle: RePEc:oup:ajagec:v:63:y:1981:i:4:p:655-665.
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    Cited by:

    1. Mutuc, Maria Erlinda M. & Rejesus, Roderick M. & Pan, Suwen & Yorobe, Jose M., 2012. "Impact Assessment of Bt Corn Adoption in the Philippines," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 44(1), pages 117-135, February.
    2. Ahmed, Anwar & Kennedy, John O.S., 1991. "The Effect of Credit Liberalization on Small-Farm Households: The Case of Bangladesh," 1991 Conference (35th), February 11-14, 1991, Armidale, Australia 145719, Australian Agricultural and Resource Economics Society.

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