The effect of nonfarm income on investment in Bulgarian family farming
研究了保加利亚家庭农场中非农收入（主要是工资和养老金）对农业投资的影响，发现非农收入增加会促进农场可变投入和牲畜投资，但农民不愿借贷用于农业投资，暗示增加补贴等非债务流动性比扩大农业信贷更能刺激投资。
Abstract This article documents a relationship between nonfarm income (primarily earnings and pensions) and agricultural investment in Bulgaria, specifically, expenditures on working capital (variable inputs such as feed, seed, and herbicides) and investment in livestock. Among those with positive spending on farm inputs, the estimated elasticity of these expenditures with respect to nonfarm income is 0.14. Nonfarm income also has an effect on the number of households that purchase farm animals, with an estimated elasticity of 0.35. The use of nonfarm income for farm investment is consistent with the presence of credit constraints, as is the fact that less than one percent of farmers report outstanding debts for agricultural purposes. Yet many farm households take out large unsecured loans for other purposes, primarily to cover consumption expenditures, implying that credit is available, but that farmers prefer not to use borrowed funds to finance agricultural investment. This would suggest that increases in the availability of agricultural credit may have little effect on farm outcomes, whereas increases in nondebt‐financed sources of liquidity, such as subsidies or transfers, may better stimulate investment.