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modeling approach is appropriate. We included the variables that measure whether households could or would not borrow in the first, but not second, stage of the model. Table 3.13 presents the results. Unsurprisingly, households are more likely to incur debt and to borrow more heavily if the head is older or owns more l... | agricultural-finance-developing-countries.pdf | Agricultural management |
5.27 1.44 Age of head squared (’000) −0.350*** −0.107* −.298*** −0.056 319 0.23 9.80 −5.92 −1.68 −5.02 −0.78 Head is male? (Yes=1) −0.066*** −0.006 0.030 −0.019 0.72 0 1 −2.14 −0.19 1.05 −0.56 Household head is married 0.177*** 0.128*** 0.141*** 0.115*** 0.79 0 1 5.08 3.43 4.14 2.77 Head: some/all primary education 0.2... | agricultural-finance-developing-countries.pdf | Agricultural management |
of Farm Land area farmed (rai) 0.011*** 0.022*** 0.023*** 0.020*** 17.33 0 400 11.37 25.90 26.46 18.23 Land area squared (’00 rai) −0.003*** −0.005*** −.006*** −0.004*** 7.65 0 1,600 −8.26 −13.29 −16.14 −10.81 Intercept −1.340** 9.533*** −2.410*** 9.908*** −2.21 17.43 −4.44 14.96 Inverse Mills ratio (non‑selection haza... | agricultural-finance-developing-countries.pdf | Agricultural management |
the major lender to farmers and which is useful to examine in terms of its contribution to farm incomes and spending. 3.7.1 The Village Fund We first examine whether the Village Fund has had an impact on household incomes and spending, as well as the magnitude of those effects. Even without the Village Fund, Thai house... | agricultural-finance-developing-countries.pdf | Agricultural management |
with State-Owned Banks for Agriculture These asymmetries may leave a role for microcredit. In Thailand, Coleman (2006) finds no evidence that microloans had any impact on incomes or spending; his study was based on a sample of 445 households in northeastern Thailand, surveyed in 1995–1996, in villages where two Thai no... | agricultural-finance-developing-countries.pdf | Agricultural management |
was rapidly expanding; after 2004, the Fund’s coverage stagnated, making it harder to determine its impact on households. Formally, let yit be the outcome variable of interest—for instance, income per capita—for adult i in time t (t = 2002, 2004), xit be a set of regressors, and Tit be a measure of the “treatment,” her... | agricultural-finance-developing-countries.pdf | Agricultural management |
than one in four households did change their behavior adds to the credibility of the estimates. The effects are also assumed to be symmetric, meaning that taking up a loan has the same impact as dropping a loan. It is possible that the fixed-effects/differenced model eliminates any relevant selection bias if the bias i... | agricultural-finance-developing-countries.pdf | Agricultural management |
61% of households in small villages (defined as those with fewer than 100 households) had borrowed from the Village Fund, compared to 29% of households in large villages (defined as those with 200 or more households). Thus, village size, measured here by the inverse (2) 99 Thailand: Mature Farm Lending with State-Owned... | agricultural-finance-developing-countries.pdf | Agricultural management |
there is no real need to use instruments, in which case the more straightforward differenced equation results are more defensible. continued on next page Table 3.14: Estimates of the Effects of Village Fund Borrowing Using Rural Panel Data for 2002 and 2004 Expenditure per Capita Income per Capita 2002 2004 2002 2004... | agricultural-finance-developing-countries.pdf | Agricultural management |
sampling unit (“village”). 2. Other independent variables: Age, education, gender of head of household; number of adult, women; number of men, women, working in agriculture, industry, trading, services; one‑adult, two-parent, one-parent households; number of earners in household; whether head is self‑employed, an empl... | agricultural-finance-developing-countries.pdf | Agricultural management |
applied to Village Fund loans. 101 Thailand: Mature Farm Lending with State-Owned Banks for Agriculture We show our results in Table 3.15. Using a difference (i.e., fixed effects) equation, with adjustments to the standard errors to reflect sample design, we estimate that BAAC loans boost income per capita by a statist... | agricultural-finance-developing-countries.pdf | Agricultural management |
Notes: 1. The dependent variable is the natural log of expenditure (or income) per capita. All estimates adjust for clustering by primary sampling unit (“village”). 2. Other independent variables: Age, education, gender of head of household; number of adult, women; number of men, women, working in agriculture, indust... | agricultural-finance-developing-countries.pdf | Agricultural management |
graphs are based on the rural panel data for 2002 and 2004 and use a procedure proposed by Gamper‑Rabindran, Khan, and Timmins (2010). First, we estimate quantile regressions for each quantile step θ (e.g., 10%, 20%), for 2002 and for 2004 separately, being sure to include covariates from both years. Second, we regress... | agricultural-finance-developing-countries.pdf | Agricultural management |
B16,749), but the difference is not large enough to explain the pattern shown in the graphs. 103 Thailand: Mature Farm Lending with State-Owned Banks for Agriculture A more plausible interpretation is that many low-income households reported borrowing from the Village Fund for income-enhancing purposes, while those at ... | agricultural-finance-developing-countries.pdf | Agricultural management |
–0.02 0.00 q10 q20 q30 q40 Income per capita decile (low to high) q50 q60 q70 q90 q80 0.12 0.10 0.12 BAAC = Bank for Agriculture and Agricultural Cooperatives, VF = village fund. Agricultural Finance in Developing Countries: Challenges and Opportunities 104 The Village Fund is pro-poor in two senses: lending appears to... | agricultural-finance-developing-countries.pdf | Agricultural management |
about 2,000 adults undertaken for the World Bank in mid-2021, 42% of workers lost a job or business, 49% temporarily stopped working, 53% worked fewer hours, and 59% got lower pay in the period after March 2020, compared to the previous period (World Bank 2022). Between March 2020 and June 2021, the urban employment ra... | agricultural-finance-developing-countries.pdf | Agricultural management |
that output prices had fallen. One result was an increase in indebtedness: 48% of those surveyed reported taking on more debt, compared to just 4% whose debt burden fell. This survey showed high levels of stress and mental health challenges among those interviewed, plausibly exacerbated by the problems related to the p... | agricultural-finance-developing-countries.pdf | Agricultural management |
alternatives were lacking. Since then, rural Thailand has been transformed. New crops, especially rubber and sugar, have become important (Oxford Business Group 2016a), and improved education has made it easier for young people to move to the towns and cities. As a result, rural poverty has fallen sharply from 74% in 1... | agricultural-finance-developing-countries.pdf | Agricultural management |
not require subsidies. The BAAC model of lending, and its transition from a highly subsidized lender to an unsubsidized and profitable institution, has relevance for other countries. It should also be noted that while external forces required BAAC to evolve, the pace at which this was achieved was manageable. Thailand’... | agricultural-finance-developing-countries.pdf | Agricultural management |
with State-Owned Banks for Agriculture The second challenge is to spend government investments more effectively. A solid case can be made that agricultural research and development is underfunded (Fan, Yu, and Jitsuchon 2008), that irrigation projects are increasingly seeing diminishing returns, that investment in more... | agricultural-finance-developing-countries.pdf | Agricultural management |
Consumption and Investment Using Panel Data and the Theory of Risk‑Bearing. Department of Economics, MIT, Cambridge, Massachusetts. Ariyapruchya, K., W. Sinswat, and N. Chutchotitham. 2008. The Wealth and Debt of Thai Households Risk Management and Financial Access. Bank of Thailand. Bank for Agriculture and Agricultur... | agricultural-finance-developing-countries.pdf | Agricultural management |
Economic Journal 22(4): 422–430. Fitchett, D. 1999. Bank for Agriculture and Agricultural Cooperatives (BAAC), Thailand (Case Study). CGAP, World Bank, Washington, DC. Food and Agriculture Organization of the United Nations (FAO). 2017. Producer Prices: Annual. http://www.fao.org/faostat/en (accessed 14 July 2017). Gam... | agricultural-finance-developing-countries.pdf | Agricultural management |
in Thailand. PhD dissertation thesis. Christchurch, NZ: Lincoln University. Mahathanaseth, I., and K. Pensupar. 2014. Thai Agricultural Policies: The Rice Pledging Scheme. For the International Workshop on Collection of Relevant Agricultural Policy Information and its Practical Use. Menkhoff, L., and O. Rungruxsirivorn... | agricultural-finance-developing-countries.pdf | Agricultural management |
A. 1988. Rural Credit Markets in Thailand. TDRI Quarterly Newsletter 3(4): 9–11. Bangkok. Siamwalla, A., C. Pinthong, N. Poapongsakorn, P. Satsanguan, P. Nettayarak, W. Mingmaneenakin, and Y. Tubpun. 1990. The Thai Rural Credit System: Public Subsidies, Private Information, and Segmented Markets. World Bank Economic Re... | agricultural-finance-developing-countries.pdf | Agricultural management |
Washington, DC. 112 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance Jonathan Haughton and Shahidur R. Khandker CHAPTER 4 4.1 Introduction Viet Nam is home to almost 9 million agricultural households; virtually all of them cultivate very small farms. Despite the overwhelmingly small-scale nature of ... | agricultural-finance-developing-countries.pdf | Agricultural management |
30‑fold (Table 4.1); Viet Nam is now the world’s largest producer and exporter of pepper, the second-largest exporter of coffee, cassava and cinnamon, and the fourth‑largest exporter of rubber and rice. 113 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance Figure 4.1: Recent Evolution of the Agricul... | agricultural-finance-developing-countries.pdf | Agricultural management |
Opportunities 114 Table 4.1: Vietnamese Agricultural Production: Selected Crops Annual Average Production (tons) World Rank (by Production Volume) % Growth 1988–1990 2012–2014 2019–2021 Production Exports 1989–2020 Coffee, green 58,300 1,331,207 1,765,091 2 2 2,928 Rubber, natural 52,746 928,360 1,226,811 3 4 2,226 Pe... | agricultural-finance-developing-countries.pdf | Agricultural management |
t/ha). Despite the evident vigor of Viet Nam’s agricultural sector, its share of gross domestic product (GDP) has gradually fallen, from over 40% in 1991 to 12% by 2019 (Figure 4.1b), in part because the nonagricultural sectors of the economy have grown particularly rapidly. Food imports have also increased rapidly, so... | agricultural-finance-developing-countries.pdf | Agricultural management |
these larger farms account for just 8.3% of the country’s farm acreage, as Table 4.2 shows. When the government decollectivized agriculture after 1989, it limited farm size; a further law established in 2003 limited land holdings to no more than 3 hectares (Dao and Nguyen 2015). Under the constitution, land may only be... | agricultural-finance-developing-countries.pdf | Agricultural management |
is basically supportive. For instance, the area planted to pepper rose by 74,000 hectares between 2008 and 2016 (GSO 2017); given an investment of about $20,000 per hectare, this represents a financial commitment of $1.5 billion. However, while substantial funding for agriculture has been available in the aggregate, we... | agricultural-finance-developing-countries.pdf | Agricultural management |
on agriculture even though this group makes up just 16% of the population; and 79% of poor people are from minority groups, which constitute 15% of the population. Farmers are increasingly older people, and they may be ill-equipped to migrate to the country’s booming towns and cities; in such cases, further improvement... | agricultural-finance-developing-countries.pdf | Agricultural management |
to borrow, before examining the impact of that borrowing on household incomes and profit. 4.3 Are Farmers Banked? The first question we address is whether farmers have access to the financial system in Viet Nam. In 2014, and again in 2020, a community survey undertaken as part of the Vietnam Household Living Standards ... | agricultural-finance-developing-countries.pdf | Agricultural management |
Private banks 34 53 10.9 Credit organizations 58 62 8.2 Sociopolitical organizations 45 46 6.3 Community groups 5 8 3.4 Individual lenders 50 47 2.6 Individual traders or input suppliers 14 17 2.9 Friends, relatives 62 66 Other sources 2 1 Memo: From any informal source 71 km = kilometer. Note: Data are based on 7,927 ... | agricultural-finance-developing-countries.pdf | Agricultural management |
of 2020 found that the main challenges reported by farmers were low prices (mentioned by 56%), unstable or inaccessible markets (51%), and difficulty accessing capital (45%) (GSO 2021: 28). In 2020, the VHLSS also reported on the mechanisms that were used to save and build wealth, with the results that are summarized i... | agricultural-finance-developing-countries.pdf | Agricultural management |
Countries: Challenges and Opportunities 120 Table 4.5: Proportion of Households with a Bank Account, 2020–2021 (%) All Kinh Minorities Q1: poor Q2 Q3: mid Q4 Q5: rich Farmer 49 56 22 19 38 59 76 91 Nonfarmer 68 69 49 18 45 62 81 95 All Viet Nam 59 63 28 19 41 61 79 94 MICS = Multiple Indicator Cluster Survey, Q = qua... | agricultural-finance-developing-countries.pdf | Agricultural management |
20.6 Notes: Respondents may give more than one answer. The “need” columns refer to households that do not report that they had “no need” for credit. Source: Demirguc-Kunt et al. (2015). 121 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance Table 4.7: Information Technology Access for Farmers and No... | agricultural-finance-developing-countries.pdf | Agricultural management |
(Table 4.7) and 70% having internet access at home. As mobile banking becomes more prevalent, even farmers will become more financially included. However, Viet Nam has been slow to embrace the payments revolution: according to the Findex survey of 2017, only 20% of Vietnamese households who got payments from the govern... | agricultural-finance-developing-countries.pdf | Agricultural management |
N = number of observations. Notes: “Farmers” are defined as those who “received agricultural payments in the past 12 months” and consist of 36.8% of the (weighted) sample, which collected information from 1,000 individuals aged 15 years and above. a “Borrow for ag/bus” refers to the proportion of respondents who repor... | agricultural-finance-developing-countries.pdf | Agricultural management |
Effective Microfinance While the Findex data come from a comparatively small sample and from relatively straightforward questions, they do point to several conclusions. First, financial inclusion is far from universal in Viet Nam. In part, this is a demand-side problem of cost rather than a supply-side problem of trust... | agricultural-finance-developing-countries.pdf | Agricultural management |
detail, we first need to summarize the main features of Viet Nam’s financial system insofar as it relates to the agricultural sector. 4.4 Institutions of Agricultural Credit Viet Nam’s financial system relies almost entirely on banks, which account for 96% of financial-sector assets. According to the International Mone... | agricultural-finance-developing-countries.pdf | Agricultural management |
is not synonymous with agricultural lending, most microlending occurs in rural areas, mainly to farmers. Table 4.10 summarizes the nature and extent of microfinance lending and saving in 2013. VBSP was by far the dominant microlender in that year. The Vietnam Bank for Social Policies is one of the largest microcredit p... | agricultural-finance-developing-countries.pdf | Agricultural management |
(c. 2015) Institution Borrowers (million) Outstanding Loans ($ million) Depositors (million) Deposits ($ million) VBSP 6.98 5,350 6.88 133 Agribank 1.49 1,390 1.05 1,164 PCFs 1.12 1,294 1.31 1,467 MFIs 0.77 189 0.56 48 Total 10.36 8,223 9.80 2,812 Agribank = Vietnam Bank for Agriculture and Rural Development, MFI = mic... | agricultural-finance-developing-countries.pdf | Agricultural management |
1.2 6.3 491 7 107 Bandhan India 3.8c 14.8c 4.1c 3.5c 3.5c 227 6a 108b BRAC Bangladesh 1.2b 27.0b 13.7 1.3a 25.0b 2 134c Compartamos Banco Mexico 7.2b 62.3b 5.8b 7.2b 39.5b 150b 118b Spandana India 7.9c 26.6c 9.1c 1.2c 4.4c 393b 2 182c 2010 FY VBSP Viet Nam (2.5) 6.2 4.1 0.9 3.7 928 8 72 FY = financial year, GNI = gross... | agricultural-finance-developing-countries.pdf | Agricultural management |
such as Bandhan, Spandana, the Grameen Bank, and BRAC (Table 4.11). Loans to ethnic minorities charge an interest rate of just 1.2% per annum (World Bank 2019), which helps explain the importance of such loans in the VBSP portfolio but also undermines the financial sustainability of the bank. While VBSP pays its staff ... | agricultural-finance-developing-countries.pdf | Agricultural management |
app, which had had only a limited rollout. Viet Nam’s other major agricultural financial institution, Agribank, is a classic agricultural lender. With 2,225 branches and transactions offices, Agribank has a loan portfolio of $58 billion (D1,314 trillion as of end-2021), of which two‑thirds was lent “to agriculture and ... | agricultural-finance-developing-countries.pdf | Agricultural management |
premium, is virtually nonexistent in Viet Nam, although there have been some experiments with microinsurance programs. The large state insurer, Bao Viet, ended its agricultural insurance product because it received higher claims than expected, as did Groupama, which faced claims ratios of up to 1,600% (Ramm and Ankolek... | agricultural-finance-developing-countries.pdf | Agricultural management |
million deposit accounts in 2011, as Table 4.12 shows. 129 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance Table 4.12: Lending to the Bottom of the Pyramid (2007) and Microfinance Lending (2013) Bottom of the Pyramid, c. 2007 Microfinance Lending, 2013 Deposit Accounts (’000) Number of Loans (’00... | agricultural-finance-developing-countries.pdf | Agricultural management |
institutions, so they exclude borrowing from friends, family, and informal sources. Table 4.13 presents a more complete picture of borrowing by agricultural households, based on householdlevel data drawn from the VHLSS of 2004, 2008, and 2014—unfortunately, more recent microdata is not publicly available. The proportio... | agricultural-finance-developing-countries.pdf | Agricultural management |
8.3 8.3 6.2 29.1 22.6 29.3 For comparison: Consumer price index 100 155 260 Index of nominal GDP/capita 100 199 454 Sample size GDP = gross domestic product, VBSP = Vietnam Bank for Social Policies. Notes: Loan amounts are for borrowers only and are in nominal dong. The exchange rate in 2014 was approximately D21,000 p... | agricultural-finance-developing-countries.pdf | Agricultural management |
also rose during this time, from D4.3 million to D19.4 million, as the institution attracted clients who had borrowed previously from Agribank. In principle, VBSP loans are destined for poor households, but in 2006 “only” 44% of its loans went to households so designated (compared to 11% for Agribank, as shown in Table... | agricultural-finance-developing-countries.pdf | Agricultural management |
spurt of inflation gave them a windfall. Agricultural Finance in Developing Countries: Challenges and Opportunities 132 Table 4.14: Annual Interest Rates by Lender 2004 2008 2014 Lender: Mean Median Mean Median Mean Median Memo: % who borrow from: VBSP 6.8 6.0 7.2 7.8 8.8 7.8 19.2 Agribank 11.5 11.8 15.7 14.4 14.8 10.... | agricultural-finance-developing-countries.pdf | Agricultural management |
purposes and a further one-tenth are used to buy a house; relatively little borrowing appears to cover immediate consumption expenses or even medical care or durable goods. 133 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance Table 4.15: Uses to Which Agricultural Households Put Their Loans (%) 200... | agricultural-finance-developing-countries.pdf | Agricultural management |
borrowing that households report as being used for agricultural purposes. We use a Heckman two-step procedure, in which we first estimate a probit equation to determine who borrows and then estimate a model of the amount borrowed using a least-squares equation in which we include a measure of the non-selection hazard (... | agricultural-finance-developing-countries.pdf | Agricultural management |
Delta = reference) 0.21 0 1 Midlands and N. Mountains 4.649 0.426*** 7.329 0.572*** 0.23 0 1 Northern and Coastal Central −3.517 0.415*** 14.063 0.533*** 0.23 0 1 Central Highlands 25.043** 0.552*** 22.466* 0.810*** 0.08 0 1 Southeast 16.498 0.304** 16.393 0.613*** 0.06 0 1 Mekong Delta 12.029 0.505*** 22.659* 0.810*... | agricultural-finance-developing-countries.pdf | Agricultural management |
0.308*** 0.267*** 0.15 Has a bank account −0.388*** −0.360*** 0.13 Has used an ATM 0.161** 0.055 0.16 Characteristics of Farm Land area (hectare) 7.350*** 0.01 2.236** 0.037*** 0.79 0 48.8 Value of residence (million D) 27.036*** −0.031 53.193*** −0.121 0.38 0 18 Constant −1.201 −0.871* −32.804 −1.621*** Inverse Mills ... | agricultural-finance-developing-countries.pdf | Agricultural management |
of the impact of microcredit in Viet Nam have found large positive effects. This is surprising because the almost-standard conclusion of recent rigorous studies in other countries is that the impacts of microcredit are positive but not particularly large. For example, Pitt and Khandker (1998) find that every additional... | agricultural-finance-developing-countries.pdf | Agricultural management |
(2013) found larger impacts, claiming that its Second Rural Finance Project in Viet Nam led to the provision of 275,000 more microloans, the creation of 274,000 jobs, and a 60%–65% increase in income for 445,000 families and small enterprises. However, the methodology used to arrive at these remarkable results is uncle... | agricultural-finance-developing-countries.pdf | Agricultural management |
and regress consumption (or income) on a dummy variable that is set to one if a household had a loan worth $500 or less. Their preliminary results indicate that having such a loan raises consumption by 50% and income by 8%. However, the authors do not adequately control for endogenous placement of loans, and they use m... | agricultural-finance-developing-countries.pdf | Agricultural management |
Living Standards Surveys (VHLSS) of 2004, 2006, and 2008. These are the only recent years for which there is a panel and adequate data on credit, and the questionnaires include a module that asks about household borrowing over the previous 12 months. There was some attrition (9.5%) in the panel between 2004 and 2006 (B... | agricultural-finance-developing-countries.pdf | Agricultural management |
each major source in 2004, 2006, and 2008. For instance, 3.0% of households borrowed from VBSP in 2006 but not in 2004 or 2008. Although 33% of households did not borrow in any year, only 18% borrowed from any source in all three years. The bottom panel of Table 4.17 illustrates this point in another way, by showing th... | agricultural-finance-developing-countries.pdf | Agricultural management |
communes, there is a choice of credit sources, which makes it difficult to construct a randomized control trial that would allow us to measure the impact of credit in a compelling way. We are therefore constrained to use a quasi-randomized design but are able to make use of the availability of panel data over three yea... | agricultural-finance-developing-countries.pdf | Agricultural management |
we refer to this as eligibility (Eij). It is also a practical necessity that there be a branch or mobile unit of VBSP nearby; if a commune has a branch, we consider the area to be treated (Tij), following the terminology (and method) used by Pham and Lensink (2012). Then our model, which uses annual data, may be writte... | agricultural-finance-developing-countries.pdf | Agricultural management |
a concern about endogenous program placement. Estimates of a simple pooled version of equation 2 are unlikely to be satisfactory because of the probable correlation between εijt and Cijt. There are at least three plausible reasons for this. First, if credit outlets are located in more affluent areas, then credit may be... | agricultural-finance-developing-countries.pdf | Agricultural management |
de Aghion and Morduch 2005; Pham and Lensink 2012), which gives instruments of the form XijTij Eij. We test for the suitability of the instruments using a Sargan–Hansen J test and test for the need for instruments using the difference‑in-Sargan test. Credit Impact: Results Table 4.18 presents the most important summary... | agricultural-finance-developing-countries.pdf | Agricultural management |
98 98 100 97 Commune has any lender 63 80 75 74 VBSP credit: proportion of households 8 100 4 8 Size of VBSP loan (D ’000) 568 6,874 207 402 continued on next page 143 Viet Nam: Dynamic Agriculture with Moderately Effective Microfinance continued on next page Table 4.18: Continued Panel Sample Borrowers from: VBSP Agr... | agricultural-finance-developing-countries.pdf | Agricultural management |
in commune? 37 25 26 31 Daily market in commune? 48 44 35 40 Bank or branch in commune? 29 22 15 19 Percentage of household under 16 26 33 26 30 Percentage of household over 60 10 6 7 6 Percentage of household that is female 51 50 49 51 Agricultural Finance in Developing Countries: Challenges and Opportunities 144 Tabl... | agricultural-finance-developing-countries.pdf | Agricultural management |
northern provinces. Fully 35% of VBSP loans went to households from minority ethnic groups, more than double the representation (15%) of these groups in the sample as a whole. In 2006, 44% of VBSP loans went to households that were classified as poor (compared to 14% of loans overall and 11% of Agribank loans). VBSP lo... | agricultural-finance-developing-countries.pdf | Agricultural management |
−0.001 Head is literate (yes=1) 0.024 0.040 Years of education of head 0.025*** 0.002 Age of head 0.016*** 0.012 Age of head squared −0.000*** −0.000* Household has head + spouse (yes=1) −0.048 −0.050 Head is single female −0.085 0.056 Three generations in household 0.007 −0.001 Disabled worker in household? (yes=1) −0... | agricultural-finance-developing-countries.pdf | Agricultural management |
The order of magnitude is plausible: a 6.2% increase in consumption is equivalent to about D2 million per household, or slightly over one-quarter of the average value of a VBSP loan (D7 million). Similarly, in a study of microfinance in Bangladesh, Khandker (2005) finds a Tk17 increase in consumption for every Tk100 le... | agricultural-finance-developing-countries.pdf | Agricultural management |
Model RE FE Sample Size Ln(real consumption per capita) Eligible × Treated (district) 0.056* (0.024) 0.062* (0.028) 5,544 Ln(real income per capita) Eligible × Treated (district) 0.044 (0.037) 0.059 (0.039) 5,542 Ln(real self-employment earnings per household) Eligible × Treated (district) 0.004 (0.066) −0.004 (0.069) ... | agricultural-finance-developing-countries.pdf | Agricultural management |
Table 4.21 shows the final set of results, including the key estimates of the quantityof-credit model, for the cases in which the dependent variable is the log of real consumption per capita, real income per capita, or unearned income per household. The top panel presents estimates based on VBSP borrowing, while the bo... | agricultural-finance-developing-countries.pdf | Agricultural management |
that our instruments are not particularly strong. However, none of the Sargan–Hansen J tests came close to rejecting the null hypothesis of no correlation between the instruments and the residuals in the main regression, which means that the chosen instruments are not inappropriate. 149 Viet Nam: Dynamic Agriculture wi... | agricultural-finance-developing-countries.pdf | Agricultural management |
60. 3. The p-value of the Sargan–Hansen J test was greater than 0.65 in each case; a Hausman test always strongly favored fixed over random effects. 4. The FE-IV Ver 2 specification reports the coefficients of the variant on Equation (2) that interacts eligibility for VBSP loans with the amount of credit. Agricultura... | agricultural-finance-developing-countries.pdf | Agricultural management |
is no measure of eligibility here—in contrast to the case of VBSP, for which only poor households are eligible—so the identification of effects is more difficult. 4.9 COVID-19 In March 2020, in the early days of the COVID-19 pandemic, Viet Nam shut its borders and followed a zero-COVID policy. The policy was successful... | agricultural-finance-developing-countries.pdf | Agricultural management |
or no use of the banking system or mobile money to distribute benefits. 4.10 Conclusion and Policy Implications Taken as a whole, Vietnamese agriculture has been very dynamic since the return to household-based farming at the end of the 1980s. There has been a significant expansion in the area cultivated, greater speci... | agricultural-finance-developing-countries.pdf | Agricultural management |
dependence on farm lending. However, the Vietnam Bank for Social Policies continues to be an effective lender to poorer households, channeling half of its loans through the Women’s Union, which forms groups of borrowers and oversees repayments. VBSP is no longer heavily subsidized directly by the state, but it does rel... | agricultural-finance-developing-countries.pdf | Agricultural management |
weaker than the effects found by some authors (Cuong et al. 2007, Cuong 2008, World Bank 2013); however, our results show somewhat stronger positive effects than those found by Pham and Lensink (2012), perhaps because we were able to use an additional round of panel data and thus increase the power of our estimates. We... | agricultural-finance-developing-countries.pdf | Agricultural management |
Timberg and Binh (2011) are concerned about the sustainability of subsidized microcredit, as is Khoa (2013), while Nguyen and Le (2013) note that some microcredit schemes have closed after subsidies ended, highlighting the need to pay attention to sustainability. 153 Viet Nam: Dynamic Agriculture with Moderately Effect... | agricultural-finance-developing-countries.pdf | Agricultural management |
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FAOSTAT database. https://www.fao.org/faostat/en/#data (accessed 2 March 2024). General Statistics Office and UNICEF. 2021. Survey Measuring Viet Nam Sustainable Development Goal Indicators on Children and Women 2020– 2021, Survey Findings Report. Ha Noi, Viet Nam: General Statistics Office. General Statistics Office o... | agricultural-finance-developing-countries.pdf | Agricultural management |
Nguyen, K. A., and T. T. Le, eds. 2013. The Sustainability of Microfinance Institutions in Vietnam: Circumstances and Implications. Ha Noi: Transport Publishing House. Nguyen, K. A., V. T. Ngo, T. T. Lê, and T. T. M. Nguyen. 2011. Microfinance versus Poverty Reduction in Vietnam: Diagnostic Test and Comparison. Nha Xua... | agricultural-finance-developing-countries.pdf | Agricultural management |
2011. Promoting Sustainable, Market-Based Microfinance: Viet Nam Case Study and Lessons Learned for APEC Economies. Asia-Pacific Economic Cooperation (APEC) Secretariat. United Nations Children’s Fund (UNICEF). n.d. MICS: Surveys. https://mics. unicef.org/surveys. United States Agency for International Development (USA... | agricultural-finance-developing-countries.pdf | Agricultural management |
2021a).1 Ensuring food for 165.2 million people in a country of 55,000 square miles poses a significant challenge for the Government of Bangladesh. The combination of increasing population and limited land for agriculture, along with agricultural seasonality and unpredictable weather due to climate change, has been a s... | agricultural-finance-developing-countries.pdf | Agricultural management |
outpacing industrialization and urbanization, the country also needs diversification of rural employment. As private investment remains low, public support for agriculture, including food production and food prices, has been a substantial focus by successive government administrations. For example, the Government of Ba... | agricultural-finance-developing-countries.pdf | Agricultural management |
was implemented by state-owned commercial banks and specialized agricultural banks, while some government agricultural funds for on-lending were disbursed by a few microfinance institutions. Private commercial banks have also been urged to extend financial services to agriculture. On the other hand, microcredit institu... | agricultural-finance-developing-countries.pdf | Agricultural management |
(e.g., Pitt and Khandker 1998). Wadud (2013) observes that the recent expansion of microfinance into the agricultural sector has helped farmers use farm inputs more efficiently (Wadud 2013). By relaxing borrowing constraints, MFIs can help smooth consumption, diversify income, increase self-employment income, and reduc... | agricultural-finance-developing-countries.pdf | Agricultural management |
Microfinance Can Support Agriculture Farmers can borrow against output stored in licensed warehouses, and producers and processors can make binding contracts for the outputs for which processors repay the producer’s loan to the bank. Credit access includes extending credit lines for agriculture directly at local banks,... | agricultural-finance-developing-countries.pdf | Agricultural management |
(ii) how the borrowing needs of agricultural households change across the landholding distribution; (iii) how access to credit has affected agricultural productivity, incomes, and income diversification; and (iv) how cost-effective it is to deliver financial services, especially credit, to agricultural households. 5 As... | agricultural-finance-developing-countries.pdf | Agricultural management |
country’s GDP fell 5 percentage points. Figure 5.1: Distribution of Gross Domestic Product of Bangladesh by Sector Services, value added (% of GDP) Agriculture, value added (% of GDP) Industry (including construction), value added (% of GDP) Percentage 0 10 20 30 40 50 60 70 1970 1975 1980 1985 1990 1995 2000 2005 20... | agricultural-finance-developing-countries.pdf | Agricultural management |
and interest rate policies, as well as policies to stabilize food prices, subsidize fertilizers, diversify crop and non-crop production, and mitigate risks in agricultural production (FAO 2016). Figure 5.2: Dynamics of Agricultural Activities in Bangladesh 0 20 40 60 80 100 120 140 Crop production index (2014–2016 = ... | agricultural-finance-developing-countries.pdf | Agricultural management |
and other agricultural products. These policies promote food security and enhance agricultural productivity by providing incentives to farmers and the private sector.6 In order to support agricultural diversification and productivity, the government also provides subsidized fertilizer on a regular basis. These subsidie... | agricultural-finance-developing-countries.pdf | Agricultural management |
the world. In order to meet the growing demand for high-value foods such as fish, meats, and vegetables, Bangladesh needs more resilient agricultural systems to mitigate the adverse impacts of climate changes. In 2013, the Government of Bangladesh introduced weather‑index insurance products, with funding from the Asian... | agricultural-finance-developing-countries.pdf | Agricultural management |
Since 2011–2012, Bangladesh Bank has asked all commercial banks to disburse at least 2% of their loan portfolio in the agricultural sector.7 Although agricultural credit policy sets different targets for different agricultural subsectors, the crop sector has been the highest priority, accounting for roughly 60% of the ... | agricultural-finance-developing-countries.pdf | Agricultural management |
to agriculture. Historically, the country’s extensive lending network, developed since the early 1990s, has tended to target the landless poor and marginal farmers in order to promote self-employment in the rural nonfarm sector and to reduce poverty and unemployment. With donor support, the MFIs have been thriving by s... | agricultural-finance-developing-countries.pdf | Agricultural management |
(PKSF), Bangladesh’s wholesale microfinance lending facility, the World Bank has also financed the Financial Services for the Poorest Project, a five-year effort initiated in June 2002. In 2007–2008, PKSF introduced the Seasonal Loans and Agricultural Lending Program, which helps MFIs to direct part of their lending to... | agricultural-finance-developing-countries.pdf | Agricultural management |
exclusively on agricultural lending, although they have tended to focus on wealthy farmers with more collateral for bank loans. In the portfolio of bank lending, trade and industry loans are dominant, while agriculture loans accounted for some 5% of total lending in 2022 (Figure 5.3). In contrast, as Figure 5.4 shows, ... | agricultural-finance-developing-countries.pdf | Agricultural management |
banks 12,099.0 288.3 2.4 b. Nonbank financial institutions 671.2 0.37a ... Grameen Bank 190.6 42.0a N/A BRAC 429.0 126.1 29.4 ASA 285.6 172.8 60.5 Other MFIs 797.4 132.8 16.6 c. Subtotal microfinance institutions 1,702.6 ... ... Grand total (a+b+c) 14,472.8 ... ... ASA = Association for Social Advancement, BKB = Bangla... | agricultural-finance-developing-countries.pdf | Agricultural management |
grown considerably in both scale and scope over the past few decades, particularly during the 1990s. That decade witnessed the entry of the Association for Social Advancement (ASA) and other major MFIs, as well as the increased availability of donor funding and the formation of PKSF in 1994. With the rapid establishmen... | agricultural-finance-developing-countries.pdf | Agricultural management |
the scope for institutional finance to take a bigger role in agriculture lending to spur agricultural diversification and commercialization.10 It remains to be seen if the current issues with institutional finance in agriculture stem from an institutional failure to deliver customized products for agriculture, or from ... | agricultural-finance-developing-countries.pdf | Agricultural management |
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