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Figure 2-Continued 18 LIC is low-income out,,ries, MIC is -,iddle-income countries, and HIC k highincome countries. ET = Ethiopia T = Taiwan NG = Nigeria (West) J = Japan BD = Bangladesh CR = Costa Rica SL = Sri Lanka BR = Brazil VN = Republic of Vietnam CL = Chile IN = India EC = Ecuador PK = Pakistani CO = Colombia T1 I = Thailand TR = Turkey Pl = Philippines IR = Iran K = Republic of Korea USA = United States The share of institutilonal loans is signitficantly higher ill Asian LICs than in Africatn 1l1Cs. 'lis may Ibe due to early dcvcloment of an rural finince, which possible pIlcali beinstitutional franmework for cause of mote and better-traitivd workers in the Asian comtliies. It is aIlso Clic to ai eatlit. eII)l;asis oin)tpiootinlg tle role of agrictilitre for economic development in Asiati IACs tihtan in African I.LCs. Multiple Versus Single Agencies Should there )te oit or tIlo( thati ()tt type of lorial RF[ in a COtllltly? There aT several atgtitiiettts against muliple ageticies, incluidittg loss of scal( econlotitis and fears that having tmole than one aktncy itay hea to ilore thait one loan of, th- saite tyNIe to one fturmorvi. 'ltre is little or no empirical evidence to sttpport this fear. Bit the sitigle-ageticy apl)roach cai lead to tttontopolv. with all of its associated disadvantages. Review of the litierature i)rovidcs til e followitng gelretalizatiois, tepleseliting 1)oth the Sttpply and demand sidcs of evolving istitutions for rtral finance. Increascs ill and chatnges itl ihe tllill strlletlti of, loal deimand atnd deposit supply seChdles tiakeSllti of' tite S(e-vicets offemed by exisling RFIs inapp,-opriate ()onald 1976; Iittia 1988; Kalilon and Singh 198,1; Kato 1970; Nellor 1966, 1976; Bsrveatik of ndia 1969; Rosen 1975; Worhl Bank 1973). Some of the existing RFIs may lack cottiparative advanlit age e(anse Ihc ter i stiltC-tll" f)t their loatnable icsollices is ill-suiteCd to serve the rural poor or more difficuth agriculturl areas (Aku 1986; Colycr andJ.itnttez 1971; Gtecn 1983; I lussi and Abbott 1973; Kato 1970; I). II. Lee 1984; . 1-1.L.ee 19841; Mur.a 1961; Reserve Bank of India 1969; Rosen 1975). 'The inicreasitig availability of ttailned people over" time facilitates the growth of a wide rvnge of finanial services. Indeed, historical experience shows that the roct'ss of prolnoting formal RFIs begins with oie agency and evolves into tiuhtiageticics in country after Colntty (Agabin 19881); Donald 1976; FAO 1973, 1974a, 19741, 1975, 1976; Lee, Bohije, and Nelson 1980). hI different types of RFIs cot,;idCeeCdmare govertnmienit dCe)arltients and corporations, cooperaLtives, cotnitircial banks, specialized secto
19 specific or economywile development banks, agrarian reform institutions, and insurance companies. All of the different types that exist in a country have been counted to obtain the number of RFIs of each type in each country." Table I shows that multiple RFIs are found in widely diverse situations in Sub-Saharan Africa, Asia, the Near East and Mediterranean Basin, North America, Latin America and tile Caribbean, and Western Europe. This is so irrespective of the level of per capita real national income and wl] lether or not the RF1 system is successfid, as it has been injapan, the' publi: of Korea, Taiwan, and the United States. Fuirtheriore, ill "- out of the 98 cointlries included, there are more than two types of RFIs. The exceptions are five African IICs (Chad, Dahotney, Niger, Togo, and Upper Volta), four African MICs (Congo, C6te d'lvoire, Gabon, and Senegal), one Asian [AC (Nepal), one Near East and Mediterranean Basin IIIC (libya), and one Latin Anerican and Caribbean MIC (Cuba), and two each in the Near East and Mediterranean Basin MICs (Egypt and Turkey), and West European HICs (United Kingdom and Germany). Forms of Organization of RFIs What fori of organization should RFls take? Should tlhey be govern- Ineit a.encies, ailtoioinlous public agenciles, private agenicies, cooperatives, ot specialized public agencies for tle iur1al scClor? The procCss of promoting RFIs typically begins with government (lepartnilents eratives. Comnmercial or coop banks are normally reluctant to enter t lerural financial niarket, iiainly because of initial problems of scale and the difficulty of supervising siall, dispersed branches. Cooperatives are preferred for two additional reasons. First, farmers thenselves manage their own institutions and thereby tile process makes a snmaller clai i oil scarce managerial resoturces. And second, Flrmers' involvCilent incalis coiimminity participation, which in turn leads to betteir knowledge of borrowers and to democrat ic decisiomunaking (Jones 1971). As expericice was gained with coopcra tives, it becauile clear that institutionalizing rural credit is a highly conplex lrocetue. It requires not only the disbursal of credit of the right kind at the right titme, but also specialized and democratic iiamageunleit stirtctures and skills to ruti file institution. The policy reslpOnsc consiscI of two iistruiuients (Donaid 1976; Jones 1971; Youngiolins 1983). First, supervised credit and development of access to inputs and narketing facilities were introduced to tackle the former of these two tasks-disbursal of credit. And second, personnel of the existing RFIs were tiained to tackle both credit and management problems. But cooperatives often lacked the ability and perhaps the intent to fulfill their basic goals; tihey generally did not succeed inserving the rural poor (III 1983;.Jones 1971; Murray 1961). 6 Coniniodity-based inaiketing institutions that ecic,transer govcernment funds to farmers in the form of inputs aind recover thei by purchasing their produce are excluded. These are more prevalent in Sub-Saha-an Africa and ti.an America and the Carihbean, particularly for perishable and sem iperishabhle export crops.
Page 1 and 2: ,AFOOD POLICY EVIEWl Institutional
Page 3 and 4: FOOD POLICY REVIEW 1 Institutional
Page 5 and 6: Chapter One Chapter Two Chapter Thr
Page 7 and 8: 15. Unit transaction costs, unit ir
Page 9 and 10: 47. Relative importance of intcecst
Page 11 and 12: Foreword Thiis report introduces a
Page 13 and 14: 1 Summary This study analyzes two a
Page 15 and 16: 3 Six organizational principles for
Page 17 and 18: 2 Introduction Finance and Economic
Page 19 and 20: An obvious problem innate to an act
Page 21 and 22: 9 Selection of Theme and Issues for
Page 23 and 24: I1 TIhe issue of scale economies is
Page 25 and 26: 13 There is also a problem of indiv
Page 27 and 28: 15 Figure I-Share of borrowing of f
Page 29: 17 Figure 2-Share of'agricultural l
Page 33 and 34: Table 1- Continued 21 Region, Count
Page 35 and 36: Table 2-Continued Government Nation
Page 37 and 38: 25 regional without higher or lower
Page 39 and 40: 27 Caribbean, compared with Asia. T
Page 41 and 42: Table 3 -Continued Proportion of Pe
Page 43 and 44: 31 LICs (including Bangladesh, Indi
Page 45 and 46: 33 Functional Structure of RFIs and
Page 47 and 48: 35 approximated from available lite
Page 49 and 50: Figure 3-Stylized organizational fr
Page 51 and 52: 5 Transaction Costs, Profitability,
Page 53 and 54: 411 or fiom new borrowers. Moreover
Page 55 and 56: 43 Table 6-Unit transaction costs o
Page 57 and 58: 45 tiotis largely by borrowing fi'o
Page 59 and 60: 47 Table 9 -Transaction costs of br
Page 61 and 62: 49 'T7heSonali Bank's unit uct marg
Page 63 and 64: Table 14-Estimated parameters of th
Page 65 and 66: 53 PACS) was established ill March
Page 67 and 68: 55 Table 16-Deposit growth rates of
Page 69 and 70: 57 rIIIIal Output (28 p)Celt) and o
Page 71 and 72: 59 Although APS loans were dominant
Page 73 and 74: Table 2 0-Pattern of loans advanced
Page 75 and 76: 63 Table 2 1- Unit profit and unit
Page 77 and 78: 65 resources are mainly channeled t
Page 79 and 80: 67 Table 25-Various costs, gross ma
Page 81 and 82:
69 BAAC also en1joyced sc.;le ,~ol
Page 83 and 84:
71 iuzividual farmers at the distri
Page 85 and 86:
73 Agriculture and Cooperatives 197
Page 87 and 88:
75 like the county and plimaly coop
Page 89 and 90:
77 Table 33-Transaction and financi
Page 91 and 92:
79 Table 3 6 -Structure of assets a
Page 93 and 94:
Response of Rural Loan Demand to In
Page 95 and 96:
83 Table 3 9-Estimated multivariate
Page 97 and 98:
85 Table 40-Estimated multivariate
Page 99 and 100:
87 separate deteriminants of demand
Page 101 and 102:
Table 4 1-Continued Type of Demand,
Page 103 and 104:
Table 4 1-Confinued Type of Demand,
Page 105 and 106:
Table 4 2 -Evidence on interest ela
Page 107 and 108:
7 Response of Supply of Rural Depos
Page 109 and 110:
Page 111 and 112:
99 Table 4 6-Relative importance of
Page 113 and 114:
101 I1e positivc respolse of supply
Page 115 and 116:
Table 48- Continued 103 eBased on t
Page 117 and 118:
Table 4 9 -Pattern of total rural s
Page 119 and 120:
107 is substantial saving even in d
Page 121 and 122:
Page 123 and 124:
111 nient), and lastly, the inverse
Page 125 and 126:
113 Table 54-Positive and negative
Page 127 and 128:
9 Flow of Funds of the Rural Financ
Page 129 and 130:
117 interest I'evellie and payment.
Page 131 and 132:
Table 5 5 -Continued 119 cin scenar
Page 133 and 134:
10 Conclusions and Implications ase
Page 135 and 136:
123 differential increase in demand
Page 137 and 138:
125 can be attained. Multifunctiona
Page 139 and 140:
127 fully achieved. Had the institu
Page 141 and 142:
129 so doing, improvements in verti
Page 143 and 144:
The standard error of The standard
Page 145 and 146:
Appendix 2 Reasons for Delinquency
Page 147 and 148:
Region/Country 135 Reaso.z Near Eas
Page 149 and 150:
References Abbott, J. C. 1 9 7 3a.
Page 151 and 152:
139 Aku, P. S. 1986. Lending to far
Page 153 and 154:
141 Caibbean Country Department II,
Page 155 and 156:
143 144. Princeton, N.J., U.S.A.: W
Page 157 and 158:
145 1975. Agriculturalcredit in Asi
Page 159 and 160:
__ 147 Gurley, J. G., and E. S. Sha
Page 161 and 162:
149 G. Hunter and A. F. Bottrall, 5
Page 163 and 164:
151 Lee, T. Y., D. H. Kim, and D. W
Page 165 and 166:
153 __ _. 1976. The new economics o
Page 167 and 168:
155 Olu, W. 1985. Formal credit and
Page 169 and 170:
__ 157 Rao, B. P. 1970. The economi
Page 171 and 172:
159 Singh, G., and S. R. Asokan. 19
Page 173 and 174:
-- 161 Verghese, S. K. 1983. tivfit
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