The Effects of State Farm Relief Legislation on Private Lenders and Borrowers: The Experience of the 1930s
研究20世纪30年代美国州级农业救济立法如何通过改变债务合同的可执行性，影响私人贷款人和借款人，发现此类立法减少了贷款供给并对不同类型的贷款人产生不同影响。
Abstract The effects on private lenders and borrowers of farm relief programs that alter the enforceability of debt contracts are investigated. Evidence from the 1930s indicates that state relief legislation that altered debt contracts to the detriment of lenders substantially reduced the supply of loans and had different effects on different types of private lenders. This past experience suggests that, although such measures as moratoria on farm foreclosures and the recently enacted Chapter 12 bankruptcy law may provide relief for some farmers, they may also result in substantial reductions in the supply of agricultural credit.