Leveraging Wealth from Farmland Appreciation: Borrowing, Land Ownership, and Farm Expansion
研究农田快速增值带来的财富增长如何影响农民借贷、购地和扩张决策，发现年轻农民每增加1美元账面财富会多借48美分房地产抵押贷款，且购地伴随借贷增加，但土地财富不影响生产或收获面积。
We study how increases in wealth from rapid appreciation of farmland influenced farmer decisions to borrow, buy land, and expand. Exploiting periods of high and low appreciation and a panel data model that allows for correlation between prior growth trends and the share of land owned, we find that a dollar increase in paper wealth led younger farmers to increase real-estate-secured borrowing by 48 cents. Land purchases accompanied the increase in borrowing, supporting the view that collateral-based lending may be contributing to the recent runup in farmland prices. We find no effect of land wealth on production or acres harvested. <i></i>