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Investment and financial constraints of Polish farmers

Author

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  • Laure Latruffe

    (Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)

  • . Hampshire

    (AES - Agricultural Economics Society)

Abstract

A partir d'une analyse du comportement d'investissement d'un panel d'exploitations agricoles individuelles en Pologne sur la période 1996-2000, l'objectif de l'article est de vérifier si des imperfections persistent sur le marché du crédit rural en Pologne plus de cinq ans après le début de la transition. Un modèle d'accélérateur augmenté d'une variable de liquidité est utilisé. Le coefficient associé à la variable de liquidité est significatif et positif lorsque le fonctionnement du marché rural du capital est affecté par des imperfections. De telles imperfections signifient en effet que les fonds externes sont plus coûteux que les fonds internes pour certaines exploitations. Les exploitations qui font face aux contraintes de crédit les plus fortes peuvent être identifiées en séparant l'échantillon total en deux groupes, comme le proposent Fazzari et al. (1988). Les résultats supportent la thèse de la présence d'imperfections sur le marché du crédit rural polonais pendant la période 1996-2000. L'identification des exploitations plus ou moins contraintes suggère que l'information asymétrique entre les banques et les agriculteurs portait surtout sur l'évaluation ex ante de la capacité d'emprunt de ces derniers. Dans l'échantillon utilisé, ce sont en effet les exploitations ayant le moins de collatéral qui ont subi les plus fortes contraintes. La conclusion confirme les résultats d'autres études portant sur les exploitations agricoles polonaises, mais semble en contradiction avec l'intervention gouvernementale sur le marché du crédit rural en Pologne, qui favorisait les prêts à taux subventionné plutôt que les garanties de crédit.

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  • Laure Latruffe & . Hampshire, 2004. "Investment and financial constraints of Polish farmers," Post-Print hal-02283463, HAL.
    • Handle: RePEc:hal:journl:hal-02283463
    Note: View the original document on HAL open archive server: https://hal.science/hal-02283463
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    References listed on IDEAS

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    Cited by:

    1. Petrick, Martin & Latruffe, Laure, 2005. "The Determinants of Polish Farmers' Credit Interest Rates: Hedonic Price Analysis and Implications for Government Policy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24757, European Association of Agricultural Economists.
    2. Csáki, Csaba & Fogács, Csaba (ed.), 2008. "Agricultural economics and transition: What was expected, what we observed, the lessons learned. Proceedings (Volume I)," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 44, number 44-1.
    3. Zawojska, Aldona & Siudek, Tomasz, 2005. "Do Cooperative Banks Really Serve Agricultural Sector in Poland?," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24479, European Association of Agricultural Economists.
    4. Gomez y Paloma, Sergio & Majewski, Edward & Raggi, Meri & Viaggi, Davide, 2007. "Facing the future: strategies and investment behaviour of polish farmers," 104th Seminar, September 5-8, 2007, Budapest, Hungary 7842, European Association of Agricultural Economists.
    5. Twine, Edgar E. & Kiiza, Barnabas & Bashaasha, Bernard, 2015. "The Flexible Accelerator Model of Investment: An Application to Ugandan Tea- Processing Firms," African Journal of Agricultural and Resource Economics, African Association of Agricultural Economists, vol. 10(1), pages 1-15, March.

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