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Interest Rate Policies, Agricultural Credit and Income Distribution in Latin America

机译:拉美的利率政策,农业信贷和收入分配

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Low interest rate ceilings in Latin America, generally considered a panacea for the poor farmer, have actually harmed the small farmer and - with 80% of loan funds going to 3% of farm producers - exacerbated an already unequal distribution of wealth. So concludes this report on the impact of interest rates on income distribution in Latin America. The author argues that underpricing credit affects income distribution in two ways. First, ceilings create for borrowers a subsidy directly proportional to the loan size. The effect of subsidization is regressive. Large borrowers get large loans and receive a substantial subsidy; small borrowers receive small loans and a smaller subsidy; non-borrowers, usually the smallest producers, receive no subsidy. Second, low interest ceilings create excess demand for credit, forcing lenders to develop a non-price means of rationing loans. The author therefore reviews several theories of non-price credit rationing which are based on the theory of the firm and on portfolio theory, and develops a simple model to demonstrate the mechanism by which rationing processes favor larger, safer, long-standing borrowers at the expense of smaller, riskier, newer borrowers. The author highlights one such device popular in Latin America, credit limits avios based on the size of area cultivated and on the crop grown.

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