Zinskonditionen als Instrument laendlicher Entwicklungspolitik.
1986
Heidhues F.
In their effort to promote rural development, governments of many developing countries have resorted to a policy of subsidized interest rates for agricultural credit. Although one of the most pervasive policies in agricultural credit it has adversely affected and perhaps severely hampered achieving central objectives of rural development. Low interest rates are likely to result in lower growth rates of agricultural production and employment, tend to bias investments towards capital and import intensive sectors and technologies and limit access to credit to few and often wealthier farmers. By hampering the mobilization of rural financial institutions on government subsidies they undermine institutional development in the rural finance sector. While removing rate distortions or at least raising interest rates to a level where they would be positive in real terms appears as a priority task of rural development, it realistically often will require concomitant changes in agricultural price, exchange rate and foreign trade policies.
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