Data/hora: 14/06/2024 04:12:25

Biblioteca(s): 	Embrapa Cerrados; Embrapa Gado de Corte.	
Data corrente: 	11/02/2000	
Data da última atualização: 	09/09/2002	
Autoria: 	OLIVEIRA, A. J. de.	
Título: 	Derived demand for agricultural credit: a multiperiod investment model.	
Ano de publicação: 	1977	
Fonte/Imprenta: 	Purdue: Purdue University, 1977.	
Páginas: 	150 p.	
Idioma: 	Inglês	
Notas: 	Tese Doutorado	
Conteúdo: 	Policy makers in Brazil, recognizing the potential for using credit policy as an  instrument for achieving more rapid agricultural development, have instituted  a variety of specialized credit programs for agriculture. The interest rate is set below the prevailing market rate. Since inflation has been a chronic  problem in the Brazilian economy, low interest rates correspond to negative  real rates. Thus, agricultural credit programs in Brazil, appear to be based on  the assumption that the demand for agricultural credit exhibits high elasticity with respect to interest rates. However, little or no empirical evidence has  been generated to substantiate this point. The objectives of the study are: (1)  to set forth an appropriate investment model for the farm firm, (2) to derive the short-, intermediate-, long-term and total demand for credit for the farm  firm level, (3) to identify and analyze the factors that affect the short-intermediate-, long-term and total demand for credit at the firm leval, and (4) to make suggestions for revising agricultural credit programs and  policies to make them more effective instruments for stimulating agricultural development. The logic underlying the study is presented in a theoretical  framework of farmer investment decisions. This theoretical framework forms the basis from which an empirical model using multiperiod linear programing is developed. The empirical model incorporates production coefficients,  prices and constraints drawn from data series and farm data collected in the region of study. The model includes the production of rice, soybeans, corn  and beef cattle, which can be produced on five types of land, with four levels of technologie over a twelve year planning horizon. Land can be clare with labor or machinery, fertilizer and lime can be purchased, and labor hired. Funds can be borrowed to relax three types of capital constraints- short, intermediate, and long-term capital. Only internal investment opportunities are considered in the model. Exogenous factors defined as discount rate,     rate of inflation, interested rates and level of product and factor prices are  incorporated. The empirical model is developed using current data and is  defined as the basic model. The demand for agricultural credit is derived from the basic model by changing thea interest rate borrowed capital. The  effects of discount rate, rate of inflation and grace period on the derived demand for agricultural credit are analyzed. The results indicated that the demand for agricultural credit is inelastic with respect to interest rate changes. This suggest that the primary gain from agricultural credit policy based on low interest rates is an income subsidy proportional to credit use. Thus, such credit programs tend to aid large farmers more than small ones. Also, the results indicated that discount rate of inflation have important effects on farm income but that grace period does not affect farm income. This implies that the grace period was not badly needed to facilitate financing investment. A different set of investiment alternatives or cash withdrawal requirements could give a diffetent result. All three factors act as shifters of the demand for agricultural credit, but the rate of inflation, in addition to shifting the demand for agricultural credit, also changes the elasticity of the curve. 	
Palavras-Chave: 	Rural credit.	
Thesagro: 	Agricultura; Cerrado; Crédito Rural; Política.	
Thesaurus Nal: 	agriculture; politics.	
Categoria do assunto: 	--	
Registro original: 	Embrapa Cerrados (CPAC)	
Exemplares: 	CNPGC - (7235-1) - ADD - TS - PP - T292/77 - OLI - T292/77 - DIS
CPAC - (21722-1) - ADD - TS - -- - CRI6031 -  - CRI6031 - DIS