Heterogeneous Impact of Farmer Credit: An Empirical Investigation based on IVQR Model |
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| Institution: | 1. Antai College of Economics & Management, Shanghai Jiao Tong University, Shanghai 200052, China;2. School of Economics and Management, Tsinghua University, Beijing 100084, China;1. Department of Demography and Cedeplar, Universidade Federal de Minas Gerais, Av. Antônio Carlos, 6627, Belo Horizonte 31270-901, Brazil;2. Núcleo de Estudos de População “Elza Berquó”, Universidade Estadual de Campinas, Av. Albert Einstein, 1300, Cidade Universitária Zeferino Vaz, CEP 13081-970, Cx. Postal 6166, Campinas, SP, Brazil;1. Lancaster University Management School, LA1 4YX, UK;2. University of Oklahoma, Norman, OK 73072, United States;3. University of Kentucky, Lexington, KY 40506, United States;1. Department of Surgery, Staten Island University Hospital, 28 Arvin Road, Old Bridge, NJ 08857, USA;2. Department of Neurosurgery, State University of New York, Upstate Medical University, Syracuse, NY, USA;3. Department of Otolaryngology, State University of New York, Upstate Medical University, Syracuse, NY, USA;1. Clinical Research Unit, Khoo Teck Puat Hospital, Singapore, Singapore;2. Diabetes Centre, Khoo Teck Puat Hospital, Singapore, Singapore;3. Department of Medicine, Khoo Teck Puat Hospital, Singapore, Singapore;1. Geology Department, Faculty of Science, Minufiya University, Sheben El Kom, Egypt;2. Geology Department, Faculty of Science, Port Said University, Port Said 42522, Egypt;3. Department of Geosciences, Faculty of Science, Naruto University of Education, National University Corporation, Naruto, Tokushima 772-8502, Japan |
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| Abstract: | This article empirically estimates the economic impact of farmer credit by IVQR model, which takes both the heterogeneous effect and the endogenous problem into account, using a survey data of 3,000 households from rural China in 2003. Our results show that both formal and informal credit significantly contribute to the farmers' operational income on the whole. However, its impact is heterogeneous on the outcome distribution. The credit does not significantly contribute to the outcome of the poorest and richest farmers, but it benefits the middle and low income farmers, for whom the output elasticity is about 0.08. Since the rural credit allocation leans to rich farmers in China, there exists efficiency loss. The estimators obtained by 2SLS and QR both involve apparent biases. |
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