Ad hoc government payments impact on non-real estate farm debt

IF 1.5 Q3 AGRICULTURAL ECONOMICS & POLICY

Agricultural Finance Review Pub Date : 2022-05-24 DOI:10.1108/afr-09-2021-0129

Charles C. Martinez, C. Boyer, Tun-Hsiang Yu, S. A. Smith, Adam N. Rabinowitz

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引用次数: 0

Abstract

PurposeThe authors examined the impact of the Market Facilitation Program (MFP) and Coronavirus Food Assistance Program (CFAP) payments to United States agricultural producers on non-real estate agricultural loans.Design/methodology/approachThe authors used quarterly, state-level commercial bank data from 2016–2020 to estimate dynamic panel models.FindingsThe authors found MFP and CFAP payments not associated with the percentage of non-real estate agricultural loans with payments over 90 days late. However, these payments associated with the percentage of non-real estate agricultural loans with payments between 30 and 89 days late. The available data utilized cannot consider when producers received the actual payment and what they specifically did with those funds.Originality/valueThe contribution of this study is for US policymakers and agricultural lenders. The findings could be helpful in designing and implementing future ad hoc payment programs and provide an understanding of potential shortcomings of the current safety net for agricultural producers in the Farm Bill. Additionally, findings can assist agricultural lenders in predicting the impact of ad hoc payments on their distressed loan portfolios.

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临时政府支付对非房地产农场债务的影响

作者研究了市场促进计划(MFP)和冠状病毒粮食援助计划(CFAP)对美国农业生产者非房地产农业贷款的影响。作者使用2016-2020年的季度国家级商业银行数据来估计动态面板模型。研究结果作者发现MFP和CFAP付款与逾期90天以上的非房地产农业贷款的比例无关。然而，这些付款与延迟付款30至89天的非房地产农业贷款的百分比有关。所使用的现有数据无法考虑生产者何时收到实际付款以及他们具体用这些资金做了什么。独创性/价值本研究对美国政策制定者和农业贷款机构的贡献。研究结果可能有助于设计和实施未来的特别支付计划，并提供对农业法案中当前农业生产者安全网络的潜在缺陷的理解。此外，研究结果可以帮助农业贷款机构预测特别支付对其不良贷款组合的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Agricultural Finance Review AGRICULTURAL ECONOMICS & POLICY-

CiteScore

3.70

自引率

18.80%

发文量

期刊介绍： Agricultural Finance Review provides a rigorous forum for the publication of theory and empirical work related solely to issues in agricultural and agribusiness finance. Contributions come from academic and industry experts across the world and address a wide range of topics including: Agricultural finance, Agricultural policy related to agricultural finance and risk issues, Agricultural lending and credit issues, Farm credit, Businesses and financial risks affecting agriculture and agribusiness, Agricultural policies affecting farm or agribusiness risks and profitability, Risk management strategies including the use of futures and options, Rural credit in developing economies, Microfinance and microcredit applied to agriculture and rural development, Financial efficiency, Agriculture insurance and reinsurance. Agricultural Finance Review is committed to research addressing (1) factors affecting or influencing the financing of agriculture and agribusiness in both developed and developing nations; (2) the broadest aspect of risk assessment and risk management strategies affecting agriculture; and (3) government policies affecting farm profitability, liquidity, and access to credit.