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Interest Rates in Backward Agriculture: The Role of Economic and Extra-Economic Control

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  • Sarap, Kailas

Abstract

This paper examines the nature and roles of personalized control exercised by the rural moneylender over a class of poor borrowers to extract as much as possible in the form of high interest charges and income from undervalued and/or forfeited collaterals. Based on primary survey data from rural India, it analyzes the strategies adopted by the lender, through economic and extra-economic instruments, to enforce the credit contracts to accomplish his goals. It also provides a vivid picture of the variations in the level of interest rates and the reasons for it across a class of borrowers in the sample. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Sarap, Kailas, 1990. "Interest Rates in Backward Agriculture: The Role of Economic and Extra-Economic Control," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(1), pages 93-108, March.
    • Handle: RePEc:oup:cambje:v:14:y:1990:i:1:p:93-108
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    Cited by:

    1. Pal, Debdatta & Laha, Arnab K., 2015. "Sectoral credit choice in rural India," Journal of choice modelling, Elsevier, vol. 14(C), pages 1-16.
    2. Anita Gill, 2006. "Interlinked Agrarian Credit Markets in a Developing Economy: A Case Study of Indian Punjab," Working Papers id:760, eSocialSciences.
    3. Kailas Sarap, 1990. "Factors Affecting Small Farmers' Access to Institutional Credit in Rural Orissa, India," Development and Change, International Institute of Social Studies, vol. 21(2), pages 281-307, April.

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