Contractual Relations in Agricultural Credit Markets: A Hedonic Pricing Approach with Application to Poland
研究了波兰农业信贷市场中合同安排与利率的关系，发现银行偏好流动性强的抵押品，而贷款用途影响不大；政府补贴对利率的降低效果有限。
Abstract We present a micro‐econometric analysis of agricultural credit market outcomes in Poland that investigates the relationship between contractual arrangements and interest rates. An innovative theoretical framework based on a hedonic market model is developed. We interpret the factors that influence interest rates as ‘quality’ components of the credit contract. Using unique data allows us to consider both nominal interest rates and additional bank fees. The results show that banks have preferences for particularly liquid types of collateral, whereas they care little about the purpose for which the loan is used. Furthermore, the analysis allows quantification of the effects of socioeconomic attributes of farmers, different lending sources and government subsidies on interest rates. The latter effect is small compared with the officially declared reduction of the nominal interest rate. A simulation shows that enabling more borrowers to use liquid forms of collateral implies lower rates than those obtained by participating in the subsidy programme.