The impact of borrowing constraints on farm households: A life-cycle approach
改编了一个农户生命周期模型，研究两种借贷约束（基于盈利能力的债务收入比约束和基于资产的债务资产比约束）对荷兰奶牛场的影响，发现土地所有权比例是决定哪些农场受约束的关键因素，而农场规模影响不大。
This paper examines the potential impact of borrowing constraints on farm households. Using an adaptation of a life-cycle model of the farm household, two types of borrowing constraints are investigated. The first type of constraint, restrictions on the ratio of total debt to farm value added, reflects the possibility that financial institutions restrict lending on the basis of current farm profitability. The second type, restrictions on the debt to asset ratio, reflects the possibility that loans must be secured against assets. These two versions of the model are analysed and then simulated for a set of Dutch dairy farms. From the results it was found that, whilst the impact of such constraints does not appear to be affected by farm size, the proportion of land owned was a factor in determining which farms were likely to be borrowing-constrained. Copyright 1995 by Oxford University Press.