The Study of Interest Rate Liberalization on the Agricultural Credit Allocation Efficiency:From the Perspective of Credit Rationing
基于Stiglitz-Weiss信贷配给理论，利用马尔可夫区制转换向量自回归模型，研究发现利率市场化下农业信贷配给导致信贷配置效率呈现区制转换特征，需根据经济状态采取差异化利率政策并引入信贷保险联动方案。
This paper starting from Stiglitz Weiss credit rationing theory,builds the analysis framework of credit rationing affecting the allocation of agricultural credit efficiency.Based on Markov regime switching vector autoregressive model,the study shows that under the financial accelerator effect of interest rate liberalization, the agricultural credit rationing could result in the regime switching features of credit allocation efficiency.Thus it's necessary to employ the different interest rate policy according to the economy regime status,and introduce the inter - linked credit and insurance program to diversify the credit risk,when pursuing the goal of reducing the interest rate of agricultural credit,improving farmer's credit rationing,and ultimately enhancing the agricultural credit allocation efficiency.