Agricultural effects of changes in financial markets
1984
Baker, C.B.
Extract: This paper argues that nominal interest rates are being increased by rising real rates. Real rates are being driven by demands to finance economic development and infrastructural management. In recent decades they have been suppressed by highly regulated domestic financial markets and distorted by less developed international financial markets. It discusses some changes that reflect a new kind of financial environment for farmers and farm-related decision makers. Outlook and policy issues generated by financial markets are acquiring an importance comparable with those generated by commodity markets. As with commodity markets the issues involve international as well as domestic financial markets. In sum, agriculture's policy problems and outlook will involve interactions of financial markets with commodity markets, both linked to monetary and fiscal policy, domestic and foreign.
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