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Table 30-Estimated parameters of the cubic aggregate cost function for all agricultural cooperatives, Thailand Dependent Variable in Real Terms Constant Operating Capital Plus Assets in Real Terms Transaction plis interest costs -590.385 (736" (0.? 21 ) Coefficients Related to Square of Operating Capital Plus Assets in Real Terms -(.0(RHJ6" (-2.079) Cubic of Operating Capital Plus ALss,.s in Real rerms ) (0 O012' (1 6S5) Scale Parameter Number of Observations (.979 0 . 6 8 d 6 Notes: Figur-s inparentheses are t-values. Real terms art denved 1y applhitig the agricullund (;DP dllator with a base year of 1972/73. 'Signilicant a4t10 pett.ent. bSignficant at 20 petcent. CSignificant at -10 percent. dSttistically but tijot significantly different from 1,suggesting that scale economics have not been fu lly reaped.
73 Agriculture and Cooperatives 1979). T]iey have been constrained fiom undertaking operations such as short-term lending, farin input supplies, and farm prodtuce purchase ol a large scac due to lack of finances and managerial guidance. Despite this, these cooxelratives are viable and are reaping scale economics ill their aggregate costs; both could be miproved if these conStiaints wtre relaxed and if tihe loan collection rate (which at present is modest) could be improved, as well as tle rate of return on fari invest ttits associated with new technological iniplits. These cooperIatives differ firom those discussed in the previois section. "lu1cy are truly agricultural credit cooperatives, while tie previous case included general-purpose cooperatives, societies ill cooperation with other agencies, animal-raising cooperatives, and societies of special forms. A common feature of all of the Cl operatives covered inl tile two case studies is that they are organized at the primarylevel. This Case study is exclisively based on cross-section data of 41 societies survcycd ill 1972. 'I'l- pirpose of these cooperatives is to forni all institution to extend all integrated J)aclagc to assist farmers to im)rove their standard of' living. This is being achicved through tihe provision o" credit, inaiketing, faint input supplies, extension, processitg, and other services to thew titbers. I lowevVr, ill ;(cality, agriciltral credit has claiimicd the mtajor portion of ilhcir activities ill aclieving their goal. For example, ill 1972, lte maitn source of revenl ofa lagricultural cooperative was interest earnings on loans (9'.9 percent). This is similar throughout tl nine plovinices froti which tile sample was drawn. 25 T huts, for all ipractical )r)oses, these coo])pralives were credit societies. They uxtc ldcidholh)sitol- ald lotng-tcrti loans to farit ncriettbers, the fortiter being only 18 percent of tle total. 'The main sources of their working capital or loanable retourt:cs were share capital, eserve fiiids, Iorrowings, deposits, and others. Thie loan collection rate was only about 49 percett ill 1972. This rate rangcd front +t1 to 54 l×,tcclit across lic nine diH'f ct admiiuistralivc: areas. t tilizitng the rl)ortcd grouped data of the agricuuilral cooperatives front the iiiie different areas, 'able 31 reports average total costs, unit revctne, and average net muaigin of thtse cooperatives. The positive average ret itlar-itt is an ;iipotrl;ml achievettinlt, cotisidt.;ing that these cooperatives arc largely ninedit cooperatives. The COoplrati\Cs ill the sanipl - could improve their profitability by enlarging their scale of oluations ;.tud diversifying their loan portfolios without endangering tihte quality of' these operations. They col1d also enlarge the scale of operations of their tuonltuding business activities, sulich as fariti itipuit suplies and f.1tu1 prot(uce l)utchasc opetrations, which would be possilble becalsc these coop)eralives have a scale pal'ameter of 0.12 (Table 32). Norcover, such changes itl their business operatiotis vold also improve loati colhectiou rates through tile highe -- tes of rtultln Ol fl;l-tll investient that would icsullt floli tile ise of llioct1n 251n 1972, the shate of' these mop rali\cs in total ilntitutional ciedit was about 32 percet, and their share in the ntnibet of farttics financtd by :,It RFIs was 23 percent.
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
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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 and 30:
17 Figure 2-Share of'agricultural l
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19 specific or economywile developm
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: 71 iuzividual farmers at the distri
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 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 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
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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
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141 Caibbean Country Department II,
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143 144. Princeton, N.J., U.S.A.: W
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145 1975. Agriculturalcredit in Asi
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__ 147 Gurley, J. G., and E. S. Sha
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149 G. Hunter and A. F. Bottrall, 5
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151 Lee, T. Y., D. H. Kim, and D. W
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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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